LM Mortgages Ltd 12454593 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is Mortgage advisor Digita Accounts Production Advanced 6.30.9574.0 true 12454593 2023-03-01 2024-02-29 12454593 2024-02-29 12454593 bus:Director1 1 2024-02-29 12454593 bus:OrdinaryShareClass1 2024-02-29 12454593 core:CurrentFinancialInstruments 2024-02-29 12454593 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 12454593 core:Non-currentFinancialInstruments 2024-02-29 12454593 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 12454593 core:FurnitureFittingsToolsEquipment 2024-02-29 12454593 bus:SmallEntities 2023-03-01 2024-02-29 12454593 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 12454593 bus:FilletedAccounts 2023-03-01 2024-02-29 12454593 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12454593 bus:RegisteredOffice 2023-03-01 2024-02-29 12454593 bus:Director1 2023-03-01 2024-02-29 12454593 bus:Director1 1 2023-03-01 2024-02-29 12454593 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 12454593 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12454593 core:FurnitureFittings 2023-03-01 2024-02-29 12454593 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 12454593 core:OfficeEquipment 2023-03-01 2024-02-29 12454593 core:PlantMachinery 2023-03-01 2024-02-29 12454593 countries:AllCountries 2023-03-01 2024-02-29 12454593 2023-02-28 12454593 bus:Director1 1 2023-02-28 12454593 core:FurnitureFittingsToolsEquipment 2023-02-28 12454593 2022-03-01 2023-02-28 12454593 2023-02-28 12454593 bus:Director1 1 2023-02-28 12454593 bus:OrdinaryShareClass1 2023-02-28 12454593 core:CurrentFinancialInstruments 2023-02-28 12454593 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12454593 core:Non-currentFinancialInstruments 2023-02-28 12454593 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 12454593 core:FurnitureFittingsToolsEquipment 2023-02-28 12454593 bus:Director1 1 2022-03-01 2023-02-28 12454593 bus:Director1 1 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12454593

LM Mortgages Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

LM Mortgages Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

LM Mortgages Ltd

Company Information

Director

Miss L Manterfield

Registered office

2 Western Street
Barnsley
South Yorkshire
S70 2BP

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

LM Mortgages Ltd

(Registration number: 12454593)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

2,665

1,021

Current assets

 

Debtors

4

7,297

16,263

Cash at bank and in hand

 

38,694

53,328

 

45,991

69,591

Creditors: Amounts falling due within one year

5

(9,899)

(40,014)

Net current assets

 

36,092

29,577

Total assets less current liabilities

 

38,757

30,598

Creditors: Amounts falling due after more than one year

5

(6,506)

(10,216)

Provisions for liabilities

(506)

(194)

Net assets

 

31,745

20,188

Capital and reserves

 

Called up share capital

6

10

10

Retained earnings

31,735

20,178

Shareholders' funds

 

31,745

20,188

For the financial year ending 29 February 2024 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 27 August 2024
 

.........................................
Miss L Manterfield
Director

 

LM Mortgages Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

Accounting policies

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.

Revenue recognition

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

 

LM Mortgages Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Fixtures & Fittings

- 25% Reducing balance

Office Equipment

- 25% Reducing balance

Plant & Machinery

- 25% Reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

LM Mortgages Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

1,530

1,530

Additions

2,147

2,147

At 29 February 2024

3,677

3,677

Depreciation

At 1 March 2023

509

509

Charge for the year

503

503

At 29 February 2024

1,012

1,012

Carrying amount

At 29 February 2024

2,665

2,665

At 28 February 2023

1,021

1,021

4

Debtors

2024
£

2023
£

Other debtors

5,556

12,230

Prepayments

1,741

4,033

7,297

16,263

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

7

3,715

3,715

Trade creditors

 

20

14

Taxation and social security

 

106

102

Accruals and deferred income

 

928

925

Other creditors

 

5,130

35,258

 

9,899

40,014

 

LM Mortgages Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

6,506

10,216

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

       

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,506

10,216

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,715

3,715

 

LM Mortgages Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Miss L Manterfield

No interest is charged on the loan and there is no fixed date of repayment.

25,206

(24,892)

314

2023

At 1 March 2022
£

Repayments by director
£

At 28 February 2023
£

Miss L Manterfield

No interest is charged on the loan and there is no fixed date of repayment.

17,458

7,749

25,206