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Registration number: NI601751

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

Company Information

Director

Mr Rodney McKirgan

Company secretary

Mrs Heidi McKirgan

Registered office

22 Northland Row
Dungannon
Co Tyrone
BT71 6AP

Solicitors

CT McAlpine
12 Northland Row
Dungannon
Co Tyrone
BT71 6AT

Accountants

Anne Douglas Ltd
2 Killyman Street
Moy
Co Tyrone
BT71 7SJ

 

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

(Registration number: NI601751)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

308,860

311,310

Current assets

 

Debtors

6

43,635

19,485

Cash at bank and in hand

 

633,773

650,956

 

677,408

670,441

Creditors: Amounts falling due within one year

7

(73,309)

(88,659)

Net current assets

 

604,099

581,782

Total assets less current liabilities

 

912,959

893,092

Provisions for liabilities

(1,706)

(3,003)

Net assets

 

911,253

890,089

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

911,153

889,989

Shareholders' funds

 

911,253

890,089

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

(Registration number: NI601751)
Balance Sheet as at 31 January 2024

Approved and authorised by the director on 18 July 2024
 

.........................................
Mr Rodney McKirgan
Director

 

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
22 Northland Row
Dungannon
Co Tyrone
BT71 6AP
Northern Ireland

These financial statements were authorised for issue by the director on 18 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

0% Straight Line

Furniture, fittings and equipment

25% Reducing Balance

Motor vehicles

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 7).

 

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

127,730

127,730

At 31 January 2024

127,730

127,730

Amortisation

At 1 February 2023

127,730

127,730

At 31 January 2024

127,730

127,730

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

287,624

45,495

14,850

347,969

Additions

-

5,167

-

5,167

At 31 January 2024

287,624

50,662

14,850

353,136

Depreciation

At 1 February 2023

1,613

28,580

6,466

36,659

Charge for the year

-

5,521

2,096

7,617

At 31 January 2024

1,613

34,101

8,562

44,276

Carrying amount

At 31 January 2024

286,011

16,561

6,288

308,860

At 31 January 2023

286,011

16,915

8,384

311,310

 

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Included within the net book value of land and buildings above is £286,011 (2023 - £286,011) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
 

6

Debtors

Current

2024
£

2023
£

Other debtors

43,635

19,485

 

43,635

19,485

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

33,669

44,427

Accruals and deferred income

34,958

38,176

Other creditors

4,682

6,056

73,309

88,659

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share class 1 of £1 each

100

100

100

100

       
 

MORTGAGE ANGELS (NI) LIMITED

trading as Mortgage Angels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £770.00 (2023 - £760.00) per each Ordinary share class 1

77,000

76,000

 

 

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

8,989

8,913