Prime Mortgage Finance Limited 10214264 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is mortgage consultancy. Digita Accounts Production Advanced 6.30.9574.0 true true true 10214264 2023-07-01 2024-06-30 10214264 2024-06-30 10214264 bus:OrdinaryShareClass1 2024-06-30 10214264 bus:OrdinaryShareClass2 2024-06-30 10214264 core:RetainedEarningsAccumulatedLosses 2024-06-30 10214264 core:ShareCapital 2024-06-30 10214264 core:CurrentFinancialInstruments 2024-06-30 10214264 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 10214264 core:Non-currentFinancialInstruments 2024-06-30 10214264 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 10214264 core:FurnitureFittingsToolsEquipment 2024-06-30 10214264 bus:SmallEntities 2023-07-01 2024-06-30 10214264 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10214264 bus:FilletedAccounts 2023-07-01 2024-06-30 10214264 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10214264 bus:RegisteredOffice 2023-07-01 2024-06-30 10214264 bus:Director1 2023-07-01 2024-06-30 10214264 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 10214264 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 10214264 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10214264 core:ComputerEquipment 2023-07-01 2024-06-30 10214264 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 10214264 1 2023-07-01 2024-06-30 10214264 countries:EnglandWales 2023-07-01 2024-06-30 10214264 2023-06-30 10214264 core:FurnitureFittingsToolsEquipment 2023-06-30 10214264 2022-07-01 2023-06-30 10214264 2023-06-30 10214264 bus:OrdinaryShareClass1 2023-06-30 10214264 bus:OrdinaryShareClass2 2023-06-30 10214264 core:RetainedEarningsAccumulatedLosses 2023-06-30 10214264 core:ShareCapital 2023-06-30 10214264 core:CurrentFinancialInstruments 2023-06-30 10214264 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 10214264 core:Non-currentFinancialInstruments 2023-06-30 10214264 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 10214264 core:FurnitureFittingsToolsEquipment 2023-06-30 10214264 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 10214264 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10214264

Prime Mortgage Finance Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Prime Mortgage Finance Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Prime Mortgage Finance Limited

(Registration number: 10214264)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,190

1,383

Current assets

 

Debtors

5

24,849

37,163

Cash at bank and in hand

 

40,751

37,920

 

65,600

75,083

Creditors: Amounts falling due within one year

6

(29,283)

(34,111)

Net current assets

 

36,317

40,972

Total assets less current liabilities

 

37,507

42,355

Creditors: Amounts falling due after more than one year

6

(36,546)

(41,709)

Provisions for liabilities

(274)

(276)

Net assets

 

687

370

Capital and reserves

 

Called up share capital

200

200

Retained earnings

487

170

Shareholders' funds

 

687

370

For the financial year ending 30 June 2024 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

Mr Danny Norris
Director

   
     
 

Prime Mortgage Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW
United Kingdom

The principal place of business is:
26 North Cottages
Napsbury
St Albans
AL2 1AW

These financial statements were authorised for issue by the Board on 20 August 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.

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.

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 and represents commissions receivable on acceptance of client mortgage applications.

 

Prime Mortgage Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Finance income and costs policy

Interest relating to the Bounce Back Loan Scheme (BBLS) is charged on a monthly basis however, the first 12 months of interest are covered by the UK Government's Business Interruption Payment ("BIP").

The interest covered by the UK Government's BIP is debited to finance costs and credited to Government Grants in the profit and loss as it becomes payable.

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

Computer equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Prime Mortgage Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Prime Mortgage Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

3,941

3,941

Additions

419

419

At 30 June 2024

4,360

4,360

Depreciation

At 1 July 2023

2,558

2,558

Charge for the year

612

612

At 30 June 2024

3,170

3,170

Carrying amount

At 30 June 2024

1,190

1,190

At 30 June 2023

1,383

1,383

5

Debtors

2024
£

2023
£

Prepayments

-

139

Other debtors

24,849

37,024

24,849

37,163

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

5,524

4,557

Trade creditors

 

43

-

Taxation and social security

 

23,020

28,891

Accruals and deferred income

 

696

663

 

29,283

34,111

 

Prime Mortgage Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

36,546

41,709


The company has a loan under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

The amount included as due within one year is £2,229 (2023: £2,584) and the amount included as due more than one year is £10,919 (2023: £12,786).

The company also acquired a further bank loan which is secured by way of a personal guarantee by the directors. The amount due within one year is £3,295 (2023: £1,973) and the amount included as due more than one year is £25,627 (2023: £28,922).

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

36,546

41,709

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,524

4,557

 

Prime Mortgage Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

 

200

200

200

200

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Full rights to receive notice of, attend and vote at general meetings. One share carried one vote and full rights to dividends and capital distributions (including on winding up).

Ordinary B shares have the following rights, preferences and restrictions:
Shall not carry a right to attend and vote at meetings but shall be entitled pari passu to dividend payments or any other distribution and is entitled to participate in a distribution arising from a winding up of the company.

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £314.90 (2023 - £533.60) per each Ordinary shares

31,490

53,360

Interim dividend of £257.60 (2023 - £356.40) per each Ordinary B shares

44,870

35,640

76,360

89,000

10

Ultimate controlling party

The ultimate controlling party is Danny Norris by virtue of his majority shareholding.