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Registration number: 12177530

Pashley Mortgages Limited



Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Pashley Mortgages Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Pashley Mortgages Limited

(Registration number: 12177530)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

874

1,148

Current assets

 

Debtors

5

13,035

16,470

Cash at bank and in hand

 

12,473

6,033

 

25,508

22,503

Creditors: Amounts falling due within one year

6

(12,228)

(6,637)

Net current assets

 

13,280

15,866

Total assets less current liabilities

 

14,154

17,014

Creditors: Amounts falling due after more than one year

6

(13,532)

(15,987)

Provisions for liabilities

(166)

(218)

Net assets

 

456

809

Capital and reserves

 

Called up share capital

300

300

Retained earnings

156

509

Shareholders' funds

 

456

809

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

Director's 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 director acknowledges her 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 April 2024
 

 

Pashley Mortgages Limited

(Registration number: 12177530)
Balance Sheet as at 31 August 2023

.........................................
Miss K R E Patel-Pashley
Director

 

Pashley Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
17 Fakeswell Lane
Lower Stondon
Henlow
Bedfordshire
SG16 6JY

These financial statements were authorised for issue by the director on 22 April 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Pashley Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales, 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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% Straight line

 

Pashley Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

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

Trade debtors are recognised at the transaction price.

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 at the transaction price.

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 the director) during the year, was 2 (2022 - 2).

 

Pashley Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

2,447

2,447

Additions

450

450

At 31 August 2023

2,897

2,897

Depreciation

At 1 September 2022

1,299

1,299

Charge for the year

724

724

At 31 August 2023

2,023

2,023

Carrying amount

At 31 August 2023

874

874

At 31 August 2022

1,148

1,148

5

Debtors

Current

2023
£

2022
£

Other debtors

13,035

16,470

 

13,035

16,470

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

2,392

2,324

Trade creditors

 

67

-

Taxation and social security

 

7,969

3,251

Accruals and deferred income

 

1,800

1,030

Other creditors

 

-

32

 

12,228

6,637

 

Pashley Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

13,532

15,987

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

200

200

200

200

Ordinary B of £1 each

50

50

50

50

Ordinary C of £1 each

50

50

50

50

 

300

300

300

300

8

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £92.50 (2022 - £77.50) per each Ordinary A

18,500

15,500

 

 
 

Pashley Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

9

Related party transactions

At the balance sheet date, the company was owed £119 (2022: £3,554) by the director. The loan is provided interest free and repayable on demand. The loan is repaid in full within 9 months of the year end.

 

Pashley Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

10

Parent and ultimate parent undertaking

The ultimate controlling party is Miss K Patel-Pashley, by virtue of her shareholding.

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

13,532

15,987

Current loans and borrowings

2023
£

2022
£

Bank borrowings

2,392

2,324

Included under loans and borrowings is the company acquired Bounce Back loan (BBL) which is managed by Santander on behalf of, and with the financial backing of, the secretary of state for business, energy and industrial strategy. Included as repayable < 1 year is £2,392 (2022 - £2,324 ) and > 1 year is £13,532 (2022 - £15,987).