Company registration number 05115148 (England and Wales)
NUMBER ONE MORTGAGES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
NUMBER ONE MORTGAGES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NUMBER ONE MORTGAGES LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,000
4,000
Tangible assets
4
-
0
1,249
Investments
5
-
0
87,643
2,000
92,892
Current assets
Debtors
6
103,443
15,365
Cash at bank and in hand
67,941
87,246
171,384
102,611
Creditors: amounts falling due within one year
7
(24,694)
(28,964)
Net current assets
146,690
73,647
Total assets less current liabilities
148,690
166,539
Creditors: amounts falling due after more than one year
8
(22,500)
(32,500)
Net assets
126,190
134,039
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
126,090
133,939
Total equity
126,190
134,039
NUMBER ONE MORTGAGES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -

For the financial year ended 29 February 2024 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
K Dunks
Mrs K Dunks
Director
Director
Company registration number 05115148 (England and Wales)
NUMBER ONE MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Number One Mortgages Limited is a private company limited by shares incorporated in England and Wales. The registered office is 378 Brighton Road Shoreham-By-Sea West Sussex BN43 6RE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
33% straight line method
Fixtures, fittings & equipment
25% straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.5
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

NUMBER ONE MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 8. (2023 - 6)

2024
2023
Number
Number
Total
8
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
10,000
Amortisation and impairment
At 1 March 2023
6,000
Amortisation charged for the year
2,000
At 29 February 2024
8,000
Carrying amount
At 29 February 2024
2,000
At 28 February 2023
4,000
NUMBER ONE MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 and 29 February 2024
39,585
Depreciation and impairment
At 1 March 2023
38,336
Depreciation charged in the year
1,249
At 29 February 2024
39,585
Carrying amount
At 29 February 2024
-
0
At 28 February 2023
1,249
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
-
0
87,643
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
22,276
14,198
Amounts due from associated company
80,000
-
0
Prepayments
1,167
1,167
103,443
15,365
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
18,509
24,168
Director's loan account
164
-
Accruals
4,171
3,905
Other creditors
1,850
891
24,694
28,964
NUMBER ONE MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
22,500
32,500
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
10
Directors' transactions

Dividends totalling £67,273 (2023 - £82,727) were paid in the year in respect of shares held by the company's directors.

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