MORTGAGE FINANCE BROKERS LIMITED

Company Registration Number:
02502713 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

MORTGAGE FINANCE BROKERS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

MORTGAGE FINANCE BROKERS LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The Company's principal activity during the year continued to be the provision of mortgage broking services.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Gavin Richardson
Simon Whittaker
David Whittaker


The director shown below has held office during the period of
24 October 2023 to 31 December 2023

Joanne Anderson


Secretary Elyse O'Sheen

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 April 2024

And signed on behalf of the board by:
Name: Gavin Richardson
Status: Director

MORTGAGE FINANCE BROKERS LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 3,637,553 5,302,885
Cost of sales: ( 2,371,432 ) ( 3,296,700 )
Gross profit(or loss): 1,266,121 2,006,185
Distribution costs: 0 0
Administrative expenses: ( 1,524,449 ) ( 1,641,978 )
Other operating income: 454 0
Operating profit(or loss): (257,874) 364,207
Interest receivable and similar income: 49,934 15,149
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (207,940) 379,356
Tax: 52,138 ( 126,914 )
Profit(or loss) for the financial year: (155,802) 252,442

MORTGAGE FINANCE BROKERS LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 102,389 145,751
Investments: 4 522,747 509,903
Total fixed assets: 625,136 655,654
Current assets
Stocks:   0 0
Debtors: 5 1,373,854 1,402,433
Cash at bank and in hand: 519,412 793,929
Investments:   0 0
Total current assets: 1,893,266 2,196,362
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 548,862 ) ( 714,367 )
Net current assets (liabilities): 1,344,404 1,481,995
Total assets less current liabilities: 1,969,540 2,137,649
Creditors: amounts falling due after more than one year: 7 ( 28,078 ) ( 56,454 )
Provision for liabilities: ( 137,899 ) ( 133,560 )
Accruals and deferred income: 0 0
Total net assets (liabilities): 1,803,563 1,947,635
Capital and reserves
Called up share capital: 36,650 36,650
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: 1,766,913 1,910,985
Total Shareholders' funds: 1,803,563 1,947,635

The notes form part of these financial statements

MORTGAGE FINANCE BROKERS LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 18 April 2024
and signed on behalf of the board by:

Name: Simon Whittaker
Status: Director

The notes form part of these financial statements

MORTGAGE FINANCE BROKERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable from the rendering of mortgage broking services. Income received from certain lenders that is determined by the performance of mortgage loans introduced by the group to those lenders is recognised as it is earned.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.

    Intangible fixed assets amortisation policy

    Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

    Other accounting policies

    InvestmentsInvestments in subsidiaries, associates and joint ventures are measured at cost or valuation less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.DebtorsShort term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.CreditorsShort term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.TaxationA current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.ProvisionsProvisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.Leased assetsA lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.PensionsContributions to defined contribution plans are expensed in the period to which they relate.Consolidated Financial StatementsThe Company has not produced consolidated financial statements as it is a small company and is consequently exempt from any requirement to do so.

MORTGAGE FINANCE BROKERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 47 53

MORTGAGE FINANCE BROKERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 206,885 241,422 184,414 632,721
Additions 4,124 8,280 12,404
Disposals
Revaluations
Transfers
At 31 December 2023 206,885 245,546 192,694 645,125
Depreciation
At 1 January 2023 141,921 213,957 131,092 486,970
Charge for year 21,294 12,935 21,537 55,766
On disposals
Other adjustments
At 31 December 2023 163,215 226,892 152,629 542,736
Net book value
At 31 December 2023 43,670 18,654 40,065 102,389
At 31 December 2022 64,964 27,465 53,322 145,751

MORTGAGE FINANCE BROKERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Fixed assets investments note

The company has not produced consolidated financial statements due to the non-materiality of the assets and trading results of the subsidiaries.

MORTGAGE FINANCE BROKERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 2022
£ £
Trade debtors 567,461 623,378
Prepayments and accrued income 489,672 442,340
Other debtors 316,721 336,715
Total 1,373,854 1,402,433

MORTGAGE FINANCE BROKERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 200,529 106,449
Taxation and social security 69,307 195,244
Accruals and deferred income 221,824 315,285
Other creditors 57,202 97,389
Total 548,862 714,367

MORTGAGE FINANCE BROKERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Other creditors 28,078 56,454
Total 28,078 56,454

MORTGAGE FINANCE BROKERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Financial Commitments

Operating leases relate primarily to the Company's premises in Kings Hill and in Wilmslow.

MORTGAGE FINANCE BROKERS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

9. Off balance sheet arrangements

In 2018 Mortgage Finance Brokers Limited (previously know as Mortgages For Business Limited) provided a guarantee for the rent due under the lease agreeement for Keystone Property Finance Limited, a fellow subsidiary. The lease agreement runs to April 2028 and the total potential liability as at the end of 2023 was £882k (2022 - £1.1m).