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REGISTERED NUMBER: 05358325 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

FX Mortgages Limited

FX Mortgages Limited (Registered number: 05358325)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


FX Mortgages Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: W A Butcher
J L Valentine





SECRETARY: A Griffiss





REGISTERED OFFICE: 5 Ushers Court
Manvers Street
Trowbridge
Wiltshire
BA14 8GH





REGISTERED NUMBER: 05358325 (England and Wales)





ACCOUNTANTS: OCL Accountancy
141 Englishcombe Lane
Bath
BA2 2EL

FX Mortgages Limited (Registered number: 05358325)

Statement of Financial Position
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 21,821 27,134
Investments 6 665 665
22,486 27,799

CURRENT ASSETS
Debtors 7 426,257 347,837
Cash at bank and in hand 267,757 519,774
694,014 867,611
CREDITORS
Amounts falling due within one year 8 22,375 104,728
NET CURRENT ASSETS 671,639 762,883
TOTAL ASSETS LESS CURRENT
LIABILITIES

694,125

790,682

PROVISIONS FOR LIABILITIES 3,916 4,796
NET ASSETS 690,209 785,886

CAPITAL AND RESERVES
Called up share capital 105 100
Share premium 50,395 24,900
Retained earnings 639,709 760,886
SHAREHOLDERS' FUNDS 690,209 785,886

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 February 2024 and were signed on its behalf by:





J L Valentine - Director


FX Mortgages Limited (Registered number: 05358325)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

FX Mortgages Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets are being amortised evenly over their estimated useful life of nil years.

Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Other intangible assets 10% straight line basis

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

FX Mortgages Limited (Registered number: 05358325)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2022
and 31 May 2023 22,000
AMORTISATION
At 1 June 2022
and 31 May 2023 22,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 69,382
Additions 1,961
At 31 May 2023 71,343
DEPRECIATION
At 1 June 2022 42,248
Charge for year 7,274
At 31 May 2023 49,522
NET BOOK VALUE
At 31 May 2023 21,821
At 31 May 2022 27,134

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.5.23 31.5.22
£    £   
Canvas print 665 665

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 126,800 121,200
Amounts owed by group undertakings 126,921 30,381
Other debtors 172,536 196,256
426,257 347,837

FX Mortgages Limited (Registered number: 05358325)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 1,271 2,492
Taxation and social security 10,738 86,278
Other creditors 10,366 15,958
22,375 104,728

9. RELATED PARTY DISCLOSURES

The company has paid £315,000 (2022 £180,000) in management charges to Oliver Pietersen & Co Limited in the year a company in which Mr Valentine and Mr Butler are directors and shareholders. At the year end the company was owed £126,920 from Oliver Pietersen & Co Limited.

10. ULTIMATE CONTROLLING PARTY

The controlling parties are Mr Valentine and Mr & Mrs Butcher through Oliver Pietersen & Co Limited.