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REGISTERED NUMBER: 04296160 (England and Wales)















Somerset Mortgage Brokers Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023






Somerset Mortgage Brokers Limited (Registered number: 04296160)






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




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Somerset Mortgage Brokers Limited

Company Information
for the Year Ended 31 October 2023







DIRECTOR: Mrs H R Baskwill



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 04296160 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: HSBC Bank plc
33 College Street
Burnham-on-Sea
Somerset
TA8 1AD

Somerset Mortgage Brokers Limited (Registered number: 04296160)

Abridged Statement of Financial Position
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 10,824 12,723

CURRENT ASSETS
Debtors 27,790 25,955
Cash at bank 149,685 153,996
177,475 179,951
CREDITORS
Amounts falling due within one year 35,862 72,932
NET CURRENT ASSETS 141,613 107,019
TOTAL ASSETS LESS CURRENT
LIABILITIES

152,437

119,742

PROVISIONS FOR LIABILITIES 2,378 2,384
NET ASSETS 150,059 117,358

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 149,958 117,257
SHAREHOLDERS' FUNDS 150,059 117,358

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

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

The director acknowledges her 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.

Somerset Mortgage Brokers Limited (Registered number: 04296160)

Abridged Statement of Financial Position - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 August 2024 and were signed by:





Mrs H R Baskwill - Director


Somerset Mortgage Brokers Limited (Registered number: 04296160)

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

1. STATUTORY INFORMATION

Somerset Mortgage Brokers 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

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 - 33% on reducing balance, 25% on reducing balance and 15% 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Somerset Mortgage Brokers Limited (Registered number: 04296160)

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

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022 42,690
Additions 1,234
At 31 October 2023 43,924
DEPRECIATION
At 1 November 2022 29,967
Charge for year 3,133
At 31 October 2023 33,100
NET BOOK VALUE
At 31 October 2023 10,824
At 31 October 2022 12,723

6. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs H R Baskwill.