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Registration number: 12220360

Shearwater Mortgages Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Shearwater Mortgages Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

 

Shearwater Mortgages Ltd

Company Information

Directors

Ms Lisa Jayne Poole

Mrs Marisa Jane Brown

Company secretary

Britannia Accountancy & Tax Services Ltd

Registered office

A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

Accountants

Britannia Accountancy & Tax Services Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

 

Shearwater Mortgages Ltd

Directors' Report for the Year Ended 30 September 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors of the company

The directors who held office during the year were as follows:

Ms Lisa Jayne Poole

Mrs Marisa Jane Brown

Principal activity

The principal activity of the company is provision of advice in conjunction with mortgage applications

Small companies provision statement

This report has 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.

Approved by the Board on 25 February 2024 and signed on its behalf by:

.........................................
Ms Lisa Jayne Poole
Director

.........................................
Mrs Marisa Jane Brown
Director

 
     
 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Shearwater Mortgages Ltd
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Shearwater Mortgages Ltd for the year ended 30 September 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Shearwater Mortgages Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Shearwater Mortgages Ltd and state those matters that we have agreed to state to the Board of Directors of Shearwater Mortgages Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shearwater Mortgages Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by Shearwater Mortgages Ltd

It is your duty to ensure that Shearwater Mortgages Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Shearwater Mortgages Ltd. You consider that Shearwater Mortgages Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Shearwater Mortgages Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Britannia Accountancy & Tax Services Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

25 February 2024

 

Shearwater Mortgages Ltd

Profit and Loss Account for the Year Ended 30 September 2023

Note

2023
£

2022
£

Turnover

 

88,268

69,498

Cost of sales

 

(15,343)

(18,726)

Gross profit

 

72,925

50,772

Administrative expenses

 

(34,522)

(34,522)

Operating profit

 

38,403

16,250

Profit before tax

4

38,403

16,250

Tax on profit

 

(7,741)

(3,532)

Profit for the financial year

 

30,662

12,718

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Shearwater Mortgages Ltd

Statement of Comprehensive Income for the Year Ended 30 September 2023

2023
£

2022
£

Profit for the year

30,662

12,718

Total comprehensive income for the year

30,662

12,718

 

Shearwater Mortgages Ltd

(Registration number: 12220360)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

14,040

16,380

Current assets

 

Stocks

6

-

8,400

Debtors

7

4,743

6,579

Cash at bank and in hand

 

20,573

14,822

 

25,316

29,801

Creditors: Amounts falling due within one year

8

(34,017)

(23,765)

Net current (liabilities)/assets

 

(8,701)

6,036

Total assets less current liabilities

 

5,339

22,416

Creditors: Amounts falling due after more than one year

8

(5,333)

(8,166)

Net assets

 

6

14,250

Capital and reserves

 

Called up share capital

9

4

4

Retained earnings

2

14,246

Shareholders' funds

 

6

14,250

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

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

Approved and authorised by the Board on 25 February 2024 and signed on its behalf by:
 

 

Shearwater Mortgages Ltd

(Registration number: 12220360)
Balance Sheet as at 30 September 2023

.........................................
Ms Lisa Jayne Poole
Director

.........................................
Mrs Marisa Jane Brown
Director

 
     
 

Shearwater Mortgages Ltd

Statement of Changes in Equity for the Year Ended 30 September 2023

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

4

14,246

14,250

Profit for the year

-

30,662

30,662

Dividends

-

(44,906)

(44,906)

At 30 September 2023

4

2

6

Share capital
£

Retained earnings
£

Total
£

At 1 October 2021

4

1,528

1,532

Profit for the year

-

12,718

12,718

At 30 September 2022

4

14,246

14,250

 

Shearwater Mortgages Ltd

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

1

General information

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

The address of its registered office is:
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

These financial statements were authorised for issue by the Board on 25 February 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.

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.

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.

 

Shearwater Mortgages Ltd

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

Depreciation

Asset class

Depreciation method and rate

Plant and machinery

18% on net book value

Vehicles

18% on net book value

Office equipment

18% on net book value

Furniture and fittings

18% on net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Shearwater Mortgages Ltd

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Amortisation expense

2,340

2,340

 

Shearwater Mortgages Ltd

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

23,400

23,400

At 30 September 2023

23,400

23,400

Amortisation

At 1 October 2022

7,020

7,020

Amortisation charge

2,340

2,340

At 30 September 2023

9,360

9,360

Carrying amount

At 30 September 2023

14,040

14,040

At 30 September 2022

16,380

16,380

6

Stocks

2023
£

2022
£

Work in progress

-

8,400

7

Debtors

Current

2023
£

2022
£

Other debtors

4,743

6,579

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

23,086

17,043

Taxation and social security

 

7,741

3,532

Accruals and deferred income

 

3,190

3,190

 

34,017

23,765

 

Shearwater Mortgages Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

5,333

8,166

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

 

4

4

4

4

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

5,333

8,166

2023
£

2022
£

Current loans and borrowings

Other borrowings

23,086

17,043

11

Dividends

Final dividends paid

 

Shearwater Mortgages Ltd

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

 

2023
£

2022
£

Final dividend of £0 per each Ordinary share

-

-

Final dividend of £0 (2022 - £9,545) per each Ordinary A share

-

9,545

Final dividend of £0 (2022 - £4,701) per each Ordinary B share

-

4,701

 

-

14,246

Interim dividends paid

 

2023
£

2022
£

Interim dividend of £16,863 (2022 - £0) per each Ordinary A share

16,863

-

Interim dividend of £0 per each Ordinary share

-

-

Interim dividend of £13,797 (2022 - £0) per each Ordinary B share

13,797

-

 

30,660

-

12

Related party transactions

 

Shearwater Mortgages Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,200

17,688