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REGISTERED NUMBER: 06386364 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MORTGAGE MEDICS LIMITED

MORTGAGE MEDICS LIMITED (REGISTERED NUMBER: 06386364)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MORTGAGE MEDICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J Bloomfield
S A Murphy
B K Murphy





REGISTERED OFFICE: 353A Portland Road
Hove
East Sussex
BN3 5SF





REGISTERED NUMBER: 06386364 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

MORTGAGE MEDICS LIMITED (REGISTERED NUMBER: 06386364)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 3,450 3,450
Tangible assets 4 36,416 45,159
Investments 5 54,430 50,268
94,296 98,877

CURRENT ASSETS
Debtors 6 - 4,200
Cash at bank and in hand 139,336 234,369
139,336 238,569
CREDITORS
Amounts falling due within one year 7 62,574 90,262
NET CURRENT ASSETS 76,762 148,307
TOTAL ASSETS LESS CURRENT
LIABILITIES

171,058

247,184

CREDITORS
Amounts falling due after more than one
year

8

(11,667

)

(21,667

)

PROVISIONS FOR LIABILITIES (3,579 ) (4,100 )
NET ASSETS 155,812 221,417

CAPITAL AND RESERVES
Called up share capital 101 101
Share premium 49 49
Revaluation reserve 9 4,430 268
Retained earnings 151,232 220,999
155,812 221,417

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MORTGAGE MEDICS LIMITED (REGISTERED NUMBER: 06386364)

BALANCE SHEET - continued
31 MARCH 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2024 and were signed on its behalf by:




B K Murphy - Director J Bloomfield - Director




S A Murphy - Director


MORTGAGE MEDICS LIMITED (REGISTERED NUMBER: 06386364)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents sales of services and is recognised at the point the customer is entitled to consideration.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 16 ) .

MORTGAGE MEDICS LIMITED (REGISTERED NUMBER: 06386364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2023
and 31 March 2024 3,450
NET BOOK VALUE
At 31 March 2024 3,450
At 31 March 2023 3,450

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 91,282 3,395 50,207 31,425 176,309
Additions - - 5,194 192 5,386
At 31 March 2024 91,282 3,395 55,401 31,617 181,695
DEPRECIATION
At 1 April 2023 53,206 1,698 48,738 27,508 131,150
Charge for year 9,129 849 1,439 2,712 14,129
At 31 March 2024 62,335 2,547 50,177 30,220 145,279
NET BOOK VALUE
At 31 March 2024 28,947 848 5,224 1,397 36,416
At 31 March 2023 38,076 1,697 1,469 3,917 45,159

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 50,268
Revaluations 4,162
At 31 March 2024 54,430
NET BOOK VALUE
At 31 March 2024 54,430
At 31 March 2023 50,268

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2023 268
Valuation in 2024 4,162
Cost 50,000
54,430

MORTGAGE MEDICS LIMITED (REGISTERED NUMBER: 06386364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 4,200

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Tax 23,817 38,297
Social security and other taxes 13,448 25,423
Other creditors 8,428 12,083
Directors' loan accounts 2,919 1,459
Accrued expenses 3,962 3,000
62,574 90,262

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 1,667 11,667
11,667 21,667

9. RESERVES
Revaluation
reserve
£   
At 1 April 2023 268
Bonus share issue 4,162

At 31 March 2024 4,430

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, S A Murphy increased his loan to the company. As at 31 March 2024, the company owed him £1,199 (2023: £599). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

Also during the year, B K Murphy increased his loan to the company. As at 31 March 2024, the company owed him £1,720 (2023: £860). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The controlling party is S A Murphy.

This was by virtue of his 89% holding of the issued share capital.