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Registered number: 05571235
KMC Mortgage Solutions Limited
Financial Statements
For The Year Ended 31 December 2023
William Price & Co Limited
Chartered Accountants
Westbury Court Church Road
Westbury On Trym
Bristol
BS9 3EF
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 05571235
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 9
- 9
CURRENT ASSETS
Debtors 5 5,650 13,402
Cash at bank and in hand 2,817 523
8,467 13,925
Creditors: Amounts Falling Due Within One Year 6 (7,040 ) (13,592 )
NET CURRENT ASSETS (LIABILITIES) 1,427 333
TOTAL ASSETS LESS CURRENT LIABILITIES 1,427 342
NET ASSETS 1,427 342
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 1,327 242
SHAREHOLDERS' FUNDS 1,427 342
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
N C Croucher
Director
17 September 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
KMC Mortgage Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05571235 . The registered office is Westbury Court Church Road, Westbury On Trym, Bristol, BS9 3EF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% straighline method
2.4. Taxation
Income tax expense represents the sum of the tax currently payable tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 January 2023 3,256
As at 31 December 2023 3,256
Depreciation
As at 1 January 2023 3,247
Provided during the period 9
As at 31 December 2023 3,256
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 9
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 5,650 13,402
5,650 13,402
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 13 22
Other taxes and social security 5,027 11,936
Accruals and deferred income 2,000 1,634
7,040 13,592
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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