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Registered number: 08503153









YOUR MORTGAGE PEOPLE LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
COMPANY INFORMATION


Directors
Fiona Avril Young 
Graham Downes 
Paul Hinton 
Scott Harris 




Registered number
08503153



Registered office
Fair Trade House
3 Whittle Avenue

Fareham

PO15 5SH





 
YOUR MORTGAGE PEOPLE LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Balance Sheet
 
10 - 11
Statement of Changes in Equity
 
12 - 13
Statement of Cash Flows
 
14
Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 28

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
STRATEGIC REPORT
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their strategic report for the year ended 31 December 2023 for Your Mortgage People Limited (“the company”).
Your Mortgage People Limited is the principal trading business of Lance Consolidation Limited (“the group”).
The strategic report provides a review of the business and outlines the performance of the company during the financial year, highlight key developments and risks. It also considers key trends and factors that may affect future years.

Business review
 
The principal activity of the Company during the year continued to be mortgage intermediation to the retail market, alongside pure protection.
The Directors have continued to orient the firm towards its intended objective of rapid growth and the acquisition of market share.

Principal risks and uncertainties
 
Strategic and commercial risk
There are risks of changes to the competitive environment. This risk is mitigated by robust competitor analysis and continued monitoring of the market as a whole. The potential for artificial intelligence to disrupt or improve the market is worthy of attention and the company remains vigilant in this regard.
Financial risk
There is a risk of adverse impact on the company’s financial position, which is mitigated by continued management to the business plan. The company manages its cash flow against risk appetite and notes the risk of over-investment in growth.
Operational Risk
There is a risk of loss, corruption, theft or manipulation of data. There is a risk of failure of systems, software and/or hardware. The company manages this risk through a robust information security strategy, extensive training to mitigate the risk of foreseeable harm, and recovery processes that ensure business continuity.
Regulatory and legal risk
There is a risk of Regulatory enforcement or sanctions that could reduce the company’s ability to trade or damage its reputation. There is a risk of a poor culture damaging the company’s ability to adhere to the letter and spirit of regulation. The company manages this risk via a proactive, forward-looking approach to compliance headed up by the Operations Director. There is a detailed and thorough compliance monitoring programme and control framework that is deeply embedded into colleague culture.
One primary focus within the business at present is centred around the upcoming Consumer Duty Review. This review holds significant importance as it is the first of its kind since the initial implementation of the regulations. Recognising the critical nature of this review, we have dedicated substantial time and expertise to implementing robust measures and controls. These efforts are specifically aimed at ensuring our adherence to the Financial Conduct Authority (FCA) guidelines, which emphasise delivering good outcomes for consumers. 

Financial key performance indicators
 
The company’s turnover decreased by 24% from £9,893,244 in 2022 to £7,504,283 in 2023 with life insuance income decreasing by 60% for the year, due to a reduction in life advisors employed. The operating profit before tax decreased by 74% from £3,177,404 in 2022 to £839,951 in 2023. The decrease is based on a reduction in turnover whilst increasing spending for leads, other overheads have remained at a similar level to 2022. The comparative prior period was from June 2022 to December 2022.

Page 1

 
YOUR MORTGAGE PEOPLE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

Other key performance indicators
 
The company has chosen not to disclose any non-financial key performance indicators, as it feels they are not material in undestanding performance of the company. 


This report was approved by the board and signed on its behalf.



Scott Harris
Director

Date: 16 September 2024
Page 2

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the current year ended 31 December 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the current year, after taxation, amounted to £773,397 (2022 - £3,012,774).

Dividends of £737,241 (2022 - £729,626) were paid during the year.

Directors

The Directors who served during the current year were:

Fiona Avril Young 
Graham Downes 
Paul Hinton 
Scott Harris 

Future developments

The economic situation is improving with notable reductions in consumer inflation, swop rates and fixed
mortgage rates. Consumer spending is stable, and the damage of the 2022 mini budget has proven transient.
The next financial year is expected to be one where the company consolidates it's position as a growing force
within the mortgage broking market and continues it's growth story.

Page 3

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

Research and development activities

Research and Development activities consists of developing CRM software to deal with both mortgage and life
clients.

Matters covered in the Strategic Report

Details of the review of the business, principal risks and uncertanties can be found in the strategic report.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsAccendo Consulting Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Scott Harris
Director

Date: 16 September 2024

Page 4

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YOUR MORTGAGE PEOPLE LIMITED
 

Opinion


We have audited the financial statements of Your Mortgage People Limited (the 'Company') for the current year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the current year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YOUR MORTGAGE PEOPLE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial current year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YOUR MORTGAGE PEOPLE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• The nature of the industry and sector, control environment and business performance including the design of the Company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;
• results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the Company’s policies and procedures;
• the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and local tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material fine or penalty. 
Audit response to risks identified
As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management, concerning actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• reading minutes of meetings of those charged with governance;
• obtaining an understanding of provisions and discussing with management to understand the basis of recognition or non-recognition of tax provisions; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of
Page 7

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YOUR MORTGAGE PEOPLE LIMITED (CONTINUED)


journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Other matters 
 

The comparative figures are unaudited.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





R M Asif Rafique (Senior Statutory Auditor)
  
for and on behalf of
Accendo Consulting Ltd
 
Chartered Certified Accountants & Statutory Auditors
  

16 September 2024
Page 8

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

Year ended
31 December
Period ended
31 December
2023
2022
Note
£
£

  

Turnover
 4 
7,504,283
9,893,244

Gross profit
  
7,504,283
9,893,244

Distribution costs
  
(1,426,102)
(1,253,953)

Administrative expenses
  
(5,250,425)
(5,463,720)

Operating profit
  
827,756
3,175,571

Interest receivable and similar income
 8 
12,195
1,833

Profit before tax
  
839,951
3,177,404

Tax on profit
 9 
(66,554)
(164,630)

Profit after tax
  
773,397
3,012,774

  

  

Retained earnings at the beginning of the current year
  
3,906,020
1,622,872

  
3,906,020
1,622,872

Profit for the current year
  
773,397
3,012,774

Dividends declared and paid
  
(737,241)
(729,626)

Retained earnings at the end of the current year
  
3,942,176
3,906,020
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 16 to 28 form part of these financial statements.
Page 9

 
YOUR MORTGAGE PEOPLE LIMITED
REGISTERED NUMBER: 08503153

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
4,298
-

  
4,298
-

Current assets
  

Debtors: amounts falling due within one year
 12 
6,415,058
6,266,152

Cash at bank and in hand
 13 
709,836
1,360,440

  
7,124,894
7,626,592

Creditors: amounts falling due within one year
 14 
(2,850,787)
(3,358,900)

Net current assets
  
 
 
4,274,107
 
 
4,267,692

Total assets less current liabilities
  
4,278,405
4,267,692

Provisions for liabilities
  

Deferred tax
 16 
(1,075)
-

Other provisions
  
(335,054)
(361,572)

  
 
 
(336,129)
 
 
(361,572)

Net assets
  
3,942,276
3,906,120


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,942,176
3,906,020

  
3,942,276
3,906,120


Page 10

 
YOUR MORTGAGE PEOPLE LIMITED
REGISTERED NUMBER: 08503153
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Scott Harris
Director
Date: 16 September 2024

The notes on pages 16 to 28 form part of these financial statements.
Page 11

 

 
YOUR MORTGAGE PEOPLE LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 June 2022
100
1,622,872
1,622,972



Comprehensive income for the period


Profit for the period

-
3,012,774
3,012,774



Other comprehensive income for the period
-
-
-



Total comprehensive income for the period
-
3,012,774
3,012,774



Contributions by and distributions to owners


Dividends: Equity capital
-
(729,626)
(729,626)



Total transactions with owners
-
(729,626)
(729,626)





At 1 January 2023
100
3,906,020
3,906,120



Comprehensive income for the current year


Profit for the current year

-
773,397
773,397



Other comprehensive income for the current year
-
-
-



Total comprehensive income for the current year
-
773,397
773,397



Contributions by and distributions to owners
Page 12

 

 
YOUR MORTGAGE PEOPLE LIMITED


 


STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023



Dividends: Equity capital
-
(737,241)
(737,241)



Total transactions with owners
-
(737,241)
(737,241)



At 31 December 2023
100
3,942,176
3,942,276



The notes on pages 16 to 28 form part of these financial statements.

Page 13

 
YOUR MORTGAGE PEOPLE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial current year
773,397
3,012,774

Adjustments for:

Exceptional items
-
12,070

Depreciation of tangible assets
391
-

Interest received
(12,195)
-

Taxation charge
66,554
-

(Increase) in debtors
(57,550)
(5,826,448)

(Decrease)/increase in creditors
(2,426,553)
1,082,845

Increase in amounts owed to groups
2,075,270
-

(Decrease)/increase in provisions
(26,519)
-

Corporation tax (paid)/received
(313,664)
-

Net cash generated from operating activities

79,131
(1,718,759)


Cash flows from investing activities

Purchase of tangible fixed assets
(4,689)
-

New loans to group undertakings
-
2,383,541

Interest received
12,195
-

Net cash from investing activities

7,506
2,383,541

Cash flows from financing activities

Dividends paid
(737,241)
(729,626)

Net cash used in financing activities
(737,241)
(729,626)

Net (decrease) in cash and cash equivalents
(650,604)
(64,844)

Cash and cash equivalents at beginning of current year
1,360,441
1,425,285

Cash and cash equivalents at the end of current year
709,837
1,360,441


Cash and cash equivalents at the end of current year comprise:

Cash at bank and in hand
709,837
1,360,441

709,837
1,360,441


The notes on pages 16 to 28 form part of these financial statements.

Page 14

 
YOUR MORTGAGE PEOPLE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,360,441

(650,604)

709,837

Debt due within 1 year

-

-

-


1,360,441
(650,604)
709,837

The notes on pages 16 to 28 form part of these financial statements.

Page 15

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

1.


General information

Private company limited by shares, incorporated in England & Wales, company registration number is 08503153, registered office and principal place of business is Fair Trade House, 3 Whittle Avenue, Fareham,PO15 5SH. Principal activity is mortgage intermediation to the retail market, alongside pure protection.

2.Accounting policies

 
2.1

Going concern

The financial statements have been prepared on a going concern basis, which assumes the company will continue in operational exsistence for the foreseeable future. The Directors believe that Your Mortgage People Limited is a going concern for the following reasons:
Revenue, profit and cash reserves remain strong and stable.
We have access to funding in the event of a downturn in the market
The outlook on interest rates, swop rates is positive. This will help create a positive trading environment.
The company has increased its market share during recent economic turmoil and is now poised to take advantage of this.
Our lead supply is solid, as we are the FCA Principal for our two main introducers.
The company’s customer base has grown substantially and we are now able to take advantage of increased numbers of renewals as those customers approach their fixed rate maturities.

The company has taken advantage of exemption under FRS 102 not to disclose transactions between wholly owned members of the group. 

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 16

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the current year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 17

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 18

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 19

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets & liabilities that are not readily apparent
from other sources.
The estimates and associated assumption are based on historical experience and other factors that are
considered to be relevant.
The estimates are reviewed on a on going basis. Revisions to accounting estimates are recognised in the
period the estimate is revised.
During the current period there were significant judgements made relating to deferred income and provision for cancellation of life policies.

Page 20

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


Year ended
31 December
Period ended
31 December
2023
2022
£
£

Mortgage Income
4,745,027
2,851,465

Life Income
2,750,660
7,027,027

Recruitment Income
8,570
14,752

Miscellaneous Income
26
-

7,504,283
9,893,244


All turnover arose within the United Kingdom.


5.


Auditors' remuneration

During the current year, the Company obtained the following services from the Company's auditors:


Year ended
31 December
Period ended
31 December
2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
4,000
-

Page 21

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs were as follows:


Year ended
31 December
Period ended
31 December
2023
2022
£
£

Wages and salaries
4,133,556
4,869,303

Social security costs
394,700
199,082

Cost of defined contribution scheme
99,601
42,829

4,627,857
5,111,214


The average monthly number of employees, including the Directors, during the current year was as follows:


      Year ended
     31 December
     Period ended
      31 December
        2023
        2022
            No.
            No.







Average number of employees
140
116


7.


Directors' remuneration


Directors Salaries for 2023 totalled £179,167 (£156,391 - 2022) and Directors pension contributions for 2023 totalled £14,893 (£7,619 - 2022)


8.


Interest receivable

Year ended
31 December
Period ended
31 December
2023
2022
£
£


Other interest receivable
12,195
1,833

12,195
1,833

Page 22

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

9.


Taxation


Year ended
31 December
Period ended
31 December
2023
2022
£
£

Corporation tax


Current tax on profits for the year
65,479
164,630

Total current year tax

65,479
164,630


Total current tax
65,479
164,630

Deferred tax


Origination and reversal of timing differences
1,075
-

Total deferred tax
1,075
-


Tax on profit
66,554
164,630

Factors affecting tax charge for the current year/period

There were no factors that affected the tax charge for the current year/period which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2022 - 19%).



Factors that may affect future tax charges

The current period straddles two different rates of corporation tax. Accounts for year ending 31 December 2024 are expected to be at a rate of 25%. However due to changes within the government this could change within the next budget. 

Page 23

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

10.


Dividends

2023
2022
£
£


Dividends on Ordinary A Shares
548,296
541,830


Dividends on Ordinary B Shares
81,796
114,504


Dividends on Ordinary C Shares
35,606
15,369


Dividends on Ordinary D Shares
35,606
15,369


Dividends on Ordinary E Shares
11,973
15,267


Dividends on Ordinary F Shares
11,973
15,267


Dividends on Ordinary H Shares
11,991
12,020

737,241
729,626


11.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
4,689



At 31 December 2023

4,689



Depreciation


Charge for the current year on owned assets
391



At 31 December 2023

391



Net book value



At 31 December 2023
4,298



At 31 December 2022
-

Page 24

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

12.


Debtors

2023
2022
£
£


Trade debtors
47,999
112,150

Other debtors
101,223
9,866

Prepayments and accrued income
6,265,836
6,144,136

6,415,058
6,266,152



13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
709,836
1,360,440

709,836
1,360,440



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
181,313
64,881

Amounts owed to group undertakings
2,465,126
389,857

Corporation tax
-
156,829

Other taxation and social security
115,955
105,003

Other creditors
20,632
1,858,673

Accruals and deferred income
67,761
783,657

2,850,787
3,358,900



15.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
709,837
1,360,441




Financial assets measured at fair value through profit or loss comprise of Cash at Bank and in hand

Page 25

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

16.


Deferred taxation




2023


£






Charged to profit or loss
(1,075)



At end of year
(1,075)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,075)
-

(1,075)
-


17.


Provisions




Provision for policy cancellation

£





At 1 January 2023
361,572


Charged to profit or loss
(26,518)



At 31 December 2023
335,054

This is an estimated provision for life insurance policies cancellations. The provision is based on industry average cancellation rate.  


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



165 (2022 - 165) Ordinary A shares of £0.50 each
82.50
82.50
15 (2022 - 15) Ordinary B shares of £0.50 each
7.50
7.50
7 (2022 - 7) Ordinary C shares of £0.50 each
3.50
3.50
7 (2022 - 7) Ordinary D shares of £0.50 each
3.50
3.50
2 (2022 - 2) Ordinary E shares of £0.50 each
1.00
1.00
2 (2022 - 2) Ordinary F shares of £0.50 each
1.00
1.00
2 (2022 - 2) Ordinary H shares of £0.50 each
1.00
1.00
Page 26

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

18.Share capital (continued)


100.00

100.00



19.


Reserves

Profit and loss account

This reserve includes all current retained profits and losses less amounts distributed to shareholders. 


20.


Prior year adjustment

The profit and loss reserve & current liabilities have been restated for the period ending 31 December 2022 to reflect dividends which were declared on 31st December 2022 totalling £198,413; but were omitted from the accounts. These dividends were paid out in the year ending 31 December 2023.


21.


Pension commitments

The company operates a defined contributuin pension scheme. Assets of the scheme are held seperatley iin an independently administered fund.
The charge to the profit and loss for the year in respect of defined contrituion schemes was £99,601 (2022 - £42,829)
At the year end there were contributions payable of £18,490 (2022 - £17,252)


22.


Transactions with directors

During the year directors were advanced £15,000, however this was fully repaid within the year. 


23.


Related party transactions

The company is related to The Protection Specialist Limited, key management personnel from The
Protection Specialist Limited have joint control of Your Mortgage People Limited. At the Balance Sheet
date the loan between the two parties had been fully repaid (2022 - £1,500,000).
The Protection Specialist Limited provided services to Your Mortgage People, on an arms length basis.
The amount outstanding at the year end was £1,295,699 (2022 - £775,666)
Your Mortgage People Limited owed Lance Consolidation Limited £2,465,126 (2022 - £389,856) at the
balance sheet date. Lance Consolidation Limited is the parent company and this is repayable on
demand.
Your Mortgage People Limited had the following outstanding trade creditor balances at the balance sheet
date between related parties within the same group.
Lance Consolidation Limited - £148,219 (2022 - £41,797)
360Ctrl Limited - £24,373 (2022 - £15,236)
Lance Mortgages Limited - £6,864 (2022 - £0.00)
All transactions were made at arms length.

Page 27

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CURRENT YEAR ENDED 31 DECEMBER 2023

24.


Controlling party

The ultimate parent company is Lance Consolidation Limited, registered office address Fair Trade House, 3 Whittle Avenue, Fareham, PO15 5SH. The parent company prepares consolidated accounts and they are available at the company registered address.  

 
Page 28