Caseware UK (AP4) 2023.0.135 2023.0.135 falseThe principal activity of the Company is that of mortgage and insurance consultancy services.2023-05-0133truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02071011 2023-05-01 2024-04-30 02071011 2022-05-01 2023-04-30 02071011 2024-04-30 02071011 2023-04-30 02071011 2022-05-01 02071011 c:Director1 2023-05-01 2024-04-30 02071011 d:Buildings 2023-05-01 2024-04-30 02071011 d:Buildings 2024-04-30 02071011 d:Buildings 2023-04-30 02071011 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02071011 d:PlantMachinery 2023-05-01 2024-04-30 02071011 d:MotorVehicles 2023-05-01 2024-04-30 02071011 d:MotorVehicles 2024-04-30 02071011 d:MotorVehicles 2023-04-30 02071011 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02071011 d:FurnitureFittings 2023-05-01 2024-04-30 02071011 d:FurnitureFittings 2024-04-30 02071011 d:FurnitureFittings 2023-04-30 02071011 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02071011 d:OfficeEquipment 2023-05-01 2024-04-30 02071011 d:OfficeEquipment 2024-04-30 02071011 d:OfficeEquipment 2023-04-30 02071011 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02071011 d:ComputerEquipment 2023-05-01 2024-04-30 02071011 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02071011 d:CurrentFinancialInstruments 2024-04-30 02071011 d:CurrentFinancialInstruments 2023-04-30 02071011 d:Non-currentFinancialInstruments 2024-04-30 02071011 d:Non-currentFinancialInstruments 2023-04-30 02071011 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 02071011 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 02071011 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 02071011 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 02071011 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 02071011 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 02071011 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 02071011 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 02071011 d:ShareCapital 2023-05-01 2024-04-30 02071011 d:ShareCapital 2024-04-30 02071011 d:ShareCapital 2022-05-01 2023-04-30 02071011 d:ShareCapital 2023-04-30 02071011 d:ShareCapital 2022-05-01 02071011 d:SharePremium 2023-05-01 2024-04-30 02071011 d:SharePremium 2024-04-30 02071011 d:SharePremium 2022-05-01 2023-04-30 02071011 d:SharePremium 2023-04-30 02071011 d:SharePremium 2022-05-01 02071011 d:CapitalRedemptionReserve 2023-05-01 2024-04-30 02071011 d:CapitalRedemptionReserve 2024-04-30 02071011 d:CapitalRedemptionReserve 2022-05-01 2023-04-30 02071011 d:CapitalRedemptionReserve 2023-04-30 02071011 d:CapitalRedemptionReserve 2022-05-01 02071011 d:RevaluationReserve 2023-05-01 2024-04-30 02071011 d:RevaluationReserve 2024-04-30 02071011 d:RevaluationReserve 2022-05-01 2023-04-30 02071011 d:RevaluationReserve 2023-04-30 02071011 d:RevaluationReserve 2022-05-01 02071011 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 02071011 d:RetainedEarningsAccumulatedLosses 2024-04-30 02071011 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 02071011 d:RetainedEarningsAccumulatedLosses 2023-04-30 02071011 d:RetainedEarningsAccumulatedLosses 2022-05-01 02071011 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-04-30 02071011 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-30 02071011 c:FRS102 2023-05-01 2024-04-30 02071011 c:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 02071011 c:FullAccounts 2023-05-01 2024-04-30 02071011 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02071011 d:WithinOneYear 2024-04-30 02071011 d:BetweenOneFiveYears 2024-04-30 02071011 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 02071011 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 02071011 2 2023-05-01 2024-04-30 02071011 6 2023-05-01 2024-04-30 02071011 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 02071011










Mortgage Solutions Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 April 2024

 
Mortgage Solutions Limited
 
  
Chartered Accountants' Report to the Director on the preparation of the Unaudited Statutory Financial Statements of Mortgage Solutions Limited for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mortgage Solutions Limited for the year ended 30 April 2024 which comprise  the Balance Sheet, the Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Mortgage Solutions Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Mortgage Solutions Limited and state those matters that we have agreed to state to the director of Mortgage Solutions Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mortgage Solutions Limited and its director for our work or for this report. 

It is your duty to ensure that Mortgage Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mortgage Solutions Limited. You consider that Mortgage Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Mortgage Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
30 September 2024
Page 1

 
Mortgage Solutions Limited
Registered number: 02071011

Balance Sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
98,695
106,030

Investments
 5 
400
400

  
99,095
106,430

Current assets
  

Debtors: amounts falling due within one year
 6 
139,258
126,529

Cash at bank and in hand
  
72,106
104,325

  
211,364
230,854

Creditors: amounts falling due within one year
 7 
(80,460)
(85,414)

Net current assets
  
 
 
130,904
 
 
145,440

Total assets less current liabilities
  
229,999
251,870

Creditors: amounts falling due after more than one year
 8 
(4,130)
(6,658)

Provisions for liabilities
  

Deferred tax
 10 
(1,051)
(2,754)

Other provisions
 11 
(10,000)
(10,000)

  
 
 
(11,051)
 
 
(12,754)

Net assets
  
214,818
232,458


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
9,975
9,975

Revaluation reserve
  
400
400

Capital redemption reserve
  
12,000
12,000

Profit and loss account
  
191,443
209,083

  
214,818
232,458


Page 2

 
Mortgage Solutions Limited
Registered number: 02071011

Balance Sheet (continued)
As at 30 April 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




................................................
P R Watts
Director
Date: 26 September 2024

The notes on pages 5 to 11 form part of these financial statements.

Page 3

 

 
Mortgage Solutions Limited


 

Statement of Changes in Equity
For the Year Ended 30 April 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 May 2022
1,000
9,975
12,000
400
197,989
221,364



Comprehensive income for the year


Profit for the year
-
-
-
-
76,094
76,094



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(65,000)
(65,000)



Total transactions with owners
-
-
-
-
(65,000)
(65,000)





At 1 May 2023
1,000
9,975
12,000
400
209,083
232,458



Comprehensive income for the year


Profit for the year
-
-
-
-
37,360
37,360



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(55,000)
(55,000)



Total transactions with owners
-
-
-
-
(55,000)
(55,000)



At 30 April 2024
1,000
9,975
12,000
400
191,443
214,818



The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
Mortgage Solutions Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

1.


General information

The company is a private company, limited by share capital, incorporated in England and Wales. The registered office address is 13 West Street, Horsham, West Sussex, RH12 1PB. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presentational currency of the financial statements is £ sterling. 
The figures in the financial statements have been rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Turnover

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.

 
2.3

Interest income

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

 
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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
Mortgage Solutions Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the 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.

 
2.7

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Improvements to premises
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
33%
reducing balance

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.

 
2.8

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 6

 
Mortgage Solutions Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Financial instruments

The company only enters into basic financial instrucment transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with chnages recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3). 

Page 7

 
Mortgage Solutions Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

4.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
107,808
34,194
36,061
4,657
182,720


Disposals
-
(34,194)
-
-
(34,194)



At 30 April 2024

107,808
-
36,061
4,657
148,526



Depreciation


At 1 May 2023
12,792
28,235
31,505
4,158
76,690


Charge for the year on owned assets
525
-
685
166
1,376


Disposals
-
(28,235)
-
-
(28,235)



At 30 April 2024

13,317
-
32,190
4,324
49,831



Net book value



At 30 April 2024
94,491
-
3,871
333
98,695



At 30 April 2023
95,016
5,959
4,556
499
106,030


5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 May 2023
400



At 30 April 2024
400





6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
138,644
123,986

Prepayments and accrued income
614
2,543

139,258
126,529


Page 8

 
Mortgage Solutions Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,503
2,462

Corporation tax
14,461
20,098

Other taxation and social security
588
620

Other creditors
62,908
62,234

80,460
85,414



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,130
6,658

4,130
6,658



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
2,503
2,462


2,503
2,462

Amounts falling due 1-2 years

Bank loans
2,590
2,527


2,590
2,527

Amounts falling due 2-5 years

Bank loans
1,540
4,131


1,540
4,131


6,633
9,120


Page 9

 
Mortgage Solutions Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

10.


Deferred taxation




2024


£






At beginning of year
(2,754)


Charged to profit or loss
1,703



At end of year
(1,051)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,051)
(2,754)

(1,051)
(2,754)


11.


Provisions




Warranties

£





At 1 May 2023
10,000



At 30 April 2024
10,000


12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £564 (2023: £543). Contributions totalling £NIL (2023: £NIL) were payable to the fund at the balance sheet date.


13.


Commitments under operating leases

At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
£


Not later than 1 year
4,516

Later than 1 year and not later than 5 years
7,903

12,419

Page 10

 
Mortgage Solutions Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

14.


Related party transactions

During the year the company made the following related party transactions:
Mortgage Solutions Holdings Limited
(Parent company)
During the year the company provided a loan to Mortgage Solutions Holdings Limited. The loan is interest free and repayable on demand. At the balance sheet date the amount due from Mortgage Solutions Holdings Limited was £138,644 (2023: £123,986).


15.


Controlling party

The company is controlled by Mortgage Solutions Holdings Limited, who own 100% of the called up share capital.
The ultimate controlling party is the director who holds 100% of the share capital in Mortgage Solutions Holdings Limited.


Page 11