Registration number:
Prime Mortgage Finance Limited
for the Year Ended 30 June 2024
Prime Mortgage Finance Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Prime Mortgage Finance Limited
(Registration number: 10214264)
Balance Sheet as at 30 June 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Prime Mortgage Finance Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Prime Mortgage Finance Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Debtors |
2024 |
2023 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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- |
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Taxation and social security |
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Accruals and deferred income |
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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
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2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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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).
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Prime Mortgage Finance Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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100 |
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100 |
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Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Ordinary B shares have the following rights, preferences and restrictions: |
Dividends |
Interim dividends paid
2024 |
2023 |
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Interim dividend of £ |
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Interim dividend of £ |
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Ultimate controlling party |
The ultimate controlling party is