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REGISTERED NUMBER: 05167662 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

EXPRESS MORTGAGE SERVICES LIMITED

EXPRESS MORTGAGE SERVICES LIMITED (REGISTERED NUMBER: 05167662)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


EXPRESS MORTGAGE SERVICES LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: S A Hand
P Rawson





SECRETARY: P Rawson





REGISTERED OFFICE: Second Floor
Wigan Investment Centre
Waterside Drive
Wigan
Lancashire
WN3 5BA





REGISTERED NUMBER: 05167662 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

EXPRESS MORTGAGE SERVICES LIMITED (REGISTERED NUMBER: 05167662)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,530 13,030

CURRENT ASSETS
Debtors 5 364,009 418,937
Cash at bank and in hand 4,449 846
368,458 419,783
CREDITORS
Amounts falling due within one year 6 158,944 247,083
NET CURRENT ASSETS 209,514 172,700
TOTAL ASSETS LESS CURRENT
LIABILITIES

218,044

185,730

CREDITORS
Amounts falling due after more than one
year

7

(193,056

)

(175,000

)

PROVISIONS FOR LIABILITIES 8 (2,133 ) (3,238 )
NET ASSETS 22,855 7,492

CAPITAL AND RESERVES
Called up share capital 999 999
Retained earnings 21,856 6,493
SHAREHOLDERS' FUNDS 22,855 7,492

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 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.

EXPRESS MORTGAGE SERVICES LIMITED (REGISTERED NUMBER: 05167662)

STATEMENT OF FINANCIAL POSITION - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





P Rawson - Director


EXPRESS MORTGAGE SERVICES LIMITED (REGISTERED NUMBER: 05167662)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Express Mortgage Services Limited is a private company, limited by shares , registered in England and Wales. 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 receivable for fees and commissions earned during the year, excluding value added tax. Income is recognised upon completion of the mortgage arranged for the client.

Tangible fixed assets
Tangible fixed assets are included at cost less depreciation and impairment.

Depreciation is provided at the following rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures & fittings-25% on reducing balance
Computer equipment-50% on cost

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Financial instruments
Short term financial assets, including trade and other debtors and cash and bank balances, are measured at the transaction price. Financial assets that have no stated interest rate and are recoverable within one year shall be measured at the undiscounted amount due.

Short term financial liabilities, including trade and other creditors, are measured at the transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 statement of financial position date.


EXPRESS MORTGAGE SERVICES LIMITED (REGISTERED NUMBER: 05167662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 37,733 61,645 99,378
Additions 2,160 2,139 4,299
At 31 December 2023 39,893 63,784 103,677
DEPRECIATION
At 1 January 2023 34,899 51,449 86,348
Charge for year 1,204 7,595 8,799
At 31 December 2023 36,103 59,044 95,147
NET BOOK VALUE
At 31 December 2023 3,790 4,740 8,530
At 31 December 2022 2,834 10,196 13,030

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 248,009 371,946
Directors' current accounts 12,665 9,139
Tax 2,954 2,954
Prepayments and accrued income 100,381 34,898
364,009 418,937

EXPRESS MORTGAGE SERVICES LIMITED (REGISTERED NUMBER: 05167662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 81,857 62,753
Trade creditors 8,143 30,090
Tax 15,060 4,112
Social security and other taxes 32,889 55,347
Other creditors 5,370 68,042
Directors' current accounts 4,692 6,001
Accrued expenses 10,933 20,738
158,944 247,083

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 66,667 50,000
Bank loans - 2-5 years 125,000 125,000
Bank loans more 5 yr by instal 1,389 -
193,056 175,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,389 -

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,133 3,238

Deferred
tax
£   
Balance at 1 January 2023 3,238
Provided during year (1,105 )
Balance at 31 December 2023 2,133

9. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company has total lease commitments at the year end of £34,778 (2022: £34,778).

The directors, S Hand and P Rawson have given a personal guarantee in respect of the bank overdraft.

EXPRESS MORTGAGE SERVICES LIMITED (REGISTERED NUMBER: 05167662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
S A Hand
Balance outstanding at start of year 9,140 6,675
Amounts advanced 7,818 2,500
Amounts repaid (4,292 ) (35 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,666 9,140

Loan accounts have been repaid within 9 months and attract interest at 2.25%.

11. RELATED PARTY DISCLOSURES

Included in Other creditors is £373 (2022 - £373) due to a company with common directors.