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REGISTERED NUMBER: 09212563 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

M&G Mortgages Ltd

M&G Mortgages Ltd (Registered number: 09212563)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


M&G Mortgages Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: W Hill
Mrs S E L Ashby - Hill





REGISTERED OFFICE: Grove House
1 Grove Place
Bedford
Bedfordshire
MK40 3JJ





REGISTERED NUMBER: 09212563 (England and Wales)





ACCOUNTANTS: Thompsons Accountancy Services Limited
Chartered Accountants
Grove House
1 Grove Place
Bedford
Bedfordshire
MK40 3JJ

M&G Mortgages Ltd (Registered number: 09212563)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 6,736 8,092

CURRENT ASSETS
Debtors 6 29,065 57,600
Cash at bank 19,349 13,984
48,414 71,584
CREDITORS
Amounts falling due within one year 7 32,655 22,083
NET CURRENT ASSETS 15,759 49,501
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,495

57,593

CREDITORS
Amounts falling due after more than one year 8 (11,915 ) (18,787 )

PROVISIONS FOR LIABILITIES (1,118 ) (1,537 )
NET ASSETS 9,462 37,269

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 9,162 36,969
SHAREHOLDERS' FUNDS 9,462 37,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

M&G Mortgages Ltd (Registered number: 09212563)

Statement of Financial Position - continued
31 March 2024


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 17 September 2024 and were signed on its behalf by:





W Hill - Director


M&G Mortgages Ltd (Registered number: 09212563)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

M&G Mortgages Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net commissions receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

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 or deferred taxation assets and liabilities are not discounted.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

M&G Mortgages Ltd (Registered number: 09212563)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 - 9,618 10,452 20,070
Additions 1,850 - 1,423 3,273
At 31 March 2024 1,850 9,618 11,875 23,343
DEPRECIATION
At 1 April 2023 - 3,949 8,029 11,978
Charge for year 424 2,405 1,800 4,629
At 31 March 2024 424 6,354 9,829 16,607
NET BOOK VALUE
At 31 March 2024 1,426 3,264 2,046 6,736
At 31 March 2023 - 5,669 2,423 8,092

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 230 -
Other debtors 28,835 57,600
29,065 57,600

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 7,461 7,461
Tax 22,285 13,803
Social security and other taxes 1,307 -
Directors' current accounts 820 111
Accrued expenses 782 708
32,655 22,083

M&G Mortgages Ltd (Registered number: 09212563)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 7,461 7,461
Bank loans - 2-5 years 4,454 11,326
11,915 18,787

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 8,313 -
Between one and five years 11,729 -
20,042 -