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REGISTERED NUMBER: NI050809 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Shields Mortgage Services Ltd

Shields Mortgage Services Ltd (Registered number: NI050809)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Shields Mortgage Services Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr N P Shields





SECRETARY: Mr N P Shields





REGISTERED OFFICE: 35 Cookstown Road
DUNGANNON
Co. Tyrone
BT71 4BQ





REGISTERED NUMBER: NI050809 (Northern Ireland)





ACCOUNTANTS: Gildernew & Co Ltd
Six Northland Row
DUNGANNON
Co. Tyrone
BT71 6AW

Shields Mortgage Services Ltd (Registered number: NI050809)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 6,540
Tangible assets 5 2,739 3,259
2,739 9,799

CURRENT ASSETS
Debtors 6 104,420 93,180
Cash at bank 4,878 369
109,298 93,549
CREDITORS
Amounts falling due within one year 7 100,604 107,066
NET CURRENT ASSETS/(LIABILITIES) 8,694 (13,517 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,433

(3,718

)

CREDITORS
Amounts falling due after more than one
year

8

(10,525

)

(18,391

)

PROVISIONS FOR LIABILITIES (520 ) (619 )
NET ASSETS/(LIABILITIES) 388 (22,728 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 288 (22,828 )
388 (22,728 )

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

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

The director acknowledges his 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.

Shields Mortgage Services Ltd (Registered number: NI050809)

Balance Sheet - continued
31 December 2023


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 director and authorised for issue on 30 May 2024 and were signed by:





Mr N P Shields - Director


Shields Mortgage Services Ltd (Registered number: NI050809)

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


1. STATUTORY INFORMATION

Shields Mortgage Services Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

Shields Mortgage Services Ltd (Registered number: NI050809)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 130,727
AMORTISATION
At 1 January 2023 124,187
Charge for year 6,540
At 31 December 2023 130,727
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 6,540

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 41,957
DEPRECIATION
At 1 January 2023 38,698
Charge for year 520
At 31 December 2023 39,218
NET BOOK VALUE
At 31 December 2023 2,739
At 31 December 2022 3,259

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 10,785 5,798
Other debtors 93,635 87,382
104,420 93,180

Shields Mortgage Services Ltd (Registered number: NI050809)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 7,866 7,306
Trade creditors - 1,729
Taxation and social security 26,667 31,965
Other creditors 66,071 66,066
100,604 107,066

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 10,525 18,391