BrightAccountsProduction v1.0.0 v1.0.0 2023-02-01 The company was not dormant during the period The company was trading for the entire period The principle activity of this company is that of mortgage advisors 31 October 2024 1 5 NI636003 2024-01-31 NI636003 2023-01-31 NI636003 2022-01-31 NI636003 2023-02-01 2024-01-31 NI636003 2022-02-01 2023-01-31 NI636003 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI636003 uk-curr:PoundSterling 2023-02-01 2024-01-31 NI636003 uk-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI636003 uk-bus:FullAccounts 2023-02-01 2024-01-31 NI636003 uk-bus:Director1 2023-02-01 2024-01-31 NI636003 uk-bus:RegisteredOffice 2023-02-01 2024-01-31 NI636003 uk-bus:Agent1 2023-02-01 2024-01-31 NI636003 uk-bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI636003 uk-core:ShareCapital 2024-01-31 NI636003 uk-core:ShareCapital 2023-01-31 NI636003 uk-core:RetainedEarningsAccumulatedLosses 2024-01-31 NI636003 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI636003 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-01-31 NI636003 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI636003 uk-bus:FRS102 2023-02-01 2024-01-31 NI636003 uk-core:Land 2023-02-01 2024-01-31 NI636003 uk-core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI636003 uk-core:CurrentFinancialInstruments 2024-01-31 NI636003 uk-core:CurrentFinancialInstruments 2023-01-31 NI636003 uk-core:WithinOneYear 2024-01-31 NI636003 uk-core:WithinOneYear 2023-01-31 NI636003 uk-core:WithinOneYear 2024-01-31 NI636003 uk-core:WithinOneYear 2023-01-31 NI636003 uk-core:BetweenOneTwoYears 2024-01-31 NI636003 uk-core:BetweenOneTwoYears 2023-01-31 NI636003 uk-core:EmployeeBenefits 2023-01-31 NI636003 uk-core:EmployeeBenefits 2023-02-01 2024-01-31 NI636003 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 NI636003 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 NI636003 uk-core:OtherDeferredTax 2024-01-31 NI636003 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-01-31 NI636003 uk-core:EmployeeBenefits 2024-01-31 NI636003 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI636003
 
 
Mortgage First NI Ltd
 
Unaudited Financial Statements
 
for the financial year ended 31 January 2024



Mortgage First NI Ltd
DIRECTOR AND OTHER INFORMATION

 
Director David Stewart
 
 
Company Registration Number NI636003
 
 
Registered Office 11 Governors Gate
Hillsborough
Co Down
BT26 6FE
 
 
Business Address 11 Governors Gate
Hill
Co Down
BT26 6FE
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers Bank of Ireland
  University Road
  Belfast
  BT7 1NH



Mortgage First NI Ltd

CHARTERED ACCOUNTANTS REPORT
to the Director on the Compilation of the unaudited financial statements of Mortgage First NI Ltd
for the financial year ended 31 January 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 January 2024 as set out on pages  to 13 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the director of Mortgage First NI Ltd, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Director that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its director for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 31 January 2024 your duty to ensure that Mortgage First NI Ltd 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 loss of Mortgage First NI Ltd. You consider that Mortgage First NI Ltd is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Mortgage First NI Ltd. For this reason, we have not verified the adequacy, 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.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
31 October 2024



Mortgage First NI Ltd
Company Registration Number: NI636003
STATEMENT OF FINANCIAL POSITION
as at 31 January 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 5 8,317 10,275
───────── ─────────
 
Current Assets
Receivables 6 465,309 444,877
Payables: amounts falling due within one year 7 (622,212) (579,153)
───────── ─────────
Net Current Liabilities (156,903) (134,276)
───────── ─────────
Total Assets less Current Liabilities (148,586) (124,001)
 
Payables:
amounts falling due after more than one year 8 - (19,161)
 
Provisions for liabilities 11 (684) (811)
───────── ─────────
Net Liabilities (149,270) (143,973)
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings (149,370) (144,073)
───────── ─────────
Equity attributable to owners of the company (149,270) (143,973)
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.
           
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 31 October 2024
           
           
           
________________________________          
David Stewart          
Director          
           



Mortgage First NI Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
Mortgage First NI Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI636003. The registered office of the company is 11 Governors Gate, Hillsborough, Co Down, BT26 6FE. The principle activity of this company is that of mortgage advisors The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the period ended 31 January 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Short leasehold property - 5% Straight line
  Fixtures, fittings and equipment - 20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Work in progress
Work in progress is reflected in the accounts at the expected revenue due for work carried out during the period that has not yet been invoiced.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
At 31 January 2024 the balance sheet showed a deficiency of assets of £149,270. The company remains reliant upon the support of its director and connected parties.
       
4. Employees
 
The average monthly number of employees, including director, during the financial year was 1, (2023 - 5).
 
  2024 2023
  Number Number
 
Employees 1 5
  ═════════ ═════════
         
5. Property, plant and equipment
  Short Fixtures, Total
  leasehold fittings and  
  property equipment  
  £ £ £
Cost
At 1 February 2023 8,481 19,145 27,626
  ───────── ───────── ─────────
 
At 31 January 2024 8,481 19,145 27,626
  ───────── ───────── ─────────
Depreciation
At 1 February 2023 2,473 14,878 17,351
Charge for the financial year 424 1,534 1,958
  ───────── ───────── ─────────
At 31 January 2024 2,897 16,412 19,309
  ───────── ───────── ─────────
Carrying amount
At 31 January 2024 5,584 2,733 8,317
  ═════════ ═════════ ═════════
At 31 January 2023 6,008 4,267 10,275
  ═════════ ═════════ ═════════
       
6. Receivables 2024 2023
  £ £
 
Trade receivables 165,000 165,000
Amounts owed by connected parties (Note 13) 280,350 279,877
Taxation  (Note 9) 19,959 -
  ───────── ─────────
  465,309 444,877
  ═════════ ═════════
       
7. Payables 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 25,399 24,882
Other Loans 54,703 56,883
Trade payables 37,798 26,167
Amounts owed to connected parties (Note 13) 343,537 309,183
Taxation  (Note 9) 117,285 123,039
Director's current account 995 995
Other creditors 37,725 32,904
Accruals 4,770 5,100
  ───────── ─────────
  622,212 579,153
  ═════════ ═════════
       
8. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Other Loans - 19,161
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 80,102 81,765
Repayable between one and two years - 19,161
  ───────── ─────────
  80,102 100,926
  ═════════ ═════════
 
       
9. Taxation 2024 2023
  £ £
 
Receivables:
Corporation tax 19,959 -
  ═════════ ═════════
Payables:
Corporation tax - 9,834
PAYE / NI 117,285 113,205
  ───────── ─────────
  117,285 123,039
  ═════════ ═════════
       
10. Details of creditors
 
Security given in respect of creditors
The following securities have been lodged with Companies House in relation to the Company and Openwork Services Limited:
- Floating charge to cover all the property and undertaking of the company
- A negative pledge
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 811 811 609
Charged to profit and loss (127) (127) 202
  ───────── ───────── ─────────
At financial year end 684 684 811
  ═════════ ═════════ ═════════
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2024.
           
13. Related party transactions
  Balance Movement Balance Maximum
  2024 in year 2023 in year
  £ £ £ £
 
Mortgage First Newry Ltd 62,138 5,223 56,915 62,138
Mortgage First Ltd 218,212 (4,750) 222,962 222,962
  ───────── ───────── ───────── ═════════
  280,350 473 279,877  
  ═════════ ═════════ ═════════  
 
The following amounts are due to other connected parties:
      2024 2023
      £ £
 
Commercial FS Ltd     335,637 301,283
Stewart Ventures Limited     7,900 7,900
      ───────── ─────────
      343,537 309,183
      ═════════ ═════════
 
Net balances with other connected parties:
      2024 2023
      £ £
 
Commercial FS Ltd     (335,637) (301,283)
Mortgage First Newry Ltd     62,138 56,915
Stewart Ventures Limited     (7,900) (7,900)
Mortgage First Ltd     218,212 222,962
      ───────── ─────────
      (63,187) (29,306)
      ═════════ ═════════
 
Commercial FS Limited
Mr David Stewart is a director in Mortgage First NI Ltd and Commercial FS Limited, As at 1 February 2023 Commercial FS Limited was owed £301,283 by Mortgage First NI Ltd. During the period there was net movement of £34,353. As at 31 January 2024 Commercial FS Limited was owed £335,636 by Mortgage First NI Ltd.

Mortgage First Ltd
Mr David Stewart is a director in Mortgage First NI Ltd and Mr Christopher Stewart, David's son is a director of Mortgage First Ltd. As at 1 February 2023 Mortgage First Limited owed £222,962 to Mortgage First NI Limited. During the period the net transactions between the entities amounted to £4,750. As at 31 January 2024 Mortgage First Limited owed £218,212 to Mortgage First NI Limited.

Stewart Ventures Limited
Mr David Stewart is a director in Mortgage First NI Ltd and Mr Christopher Stewart, David's son is a director of Stewart Ventures Limited. As at 1 February 2023 Stewart Ventures Limited was owed £ 7,900 by Mortgage First NI Ltd. During the period there was net movement of £nil. As at 31 January 2024 Stewart Ventures Limited was owed £ 7,900 by Mortgage First NI Ltd.

Mortgage First Newry Limited
Mr David Stewart is a director in Mortgage First NI Ltd and Mr Christopher Stewart, David's son is a director of Mortgage First Newry Limited. As at 1 February 2023 Mortgage First Newry Limited owed £ 56,915 to Mortgage First NI Ltd. During the period there was net movement of £5,223. As at 31 January 2024 Mortgage First Newry Limited owed £62,138 to Mortgage First NI Ltd.
   
14. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.