2023-04-012024-03-312024-03-31false11860373SOUTHWEST MORTGAGES LTD2024-10-1164999iso4217:GBPxbrli:pure118603732023-04-01118603732024-03-31118603732023-04-012024-03-31118603732022-04-01118603732023-03-31118603732022-04-012023-03-3111860373bus:SmallEntities2023-04-012024-03-3111860373bus:AuditExempt-NoAccountantsReport2023-04-012024-03-3111860373bus:FullAccounts2023-04-012024-03-3111860373bus:PrivateLimitedCompanyLtd2023-04-012024-03-3111860373core:WithinOneYear2024-03-3111860373core:AfterOneYear2024-03-3111860373core:WithinOneYear2023-03-3111860373core:AfterOneYear2023-03-3111860373core:ShareCapital2024-03-3111860373core:SharePremium2024-03-3111860373core:RevaluationReserve2024-03-3111860373core:OtherReservesSubtotal2024-03-3111860373core:RetainedEarningsAccumulatedLosses2024-03-3111860373core:ShareCapital2023-03-3111860373core:SharePremium2023-03-3111860373core:RevaluationReserve2023-03-3111860373core:OtherReservesSubtotal2023-03-3111860373core:RetainedEarningsAccumulatedLosses2023-03-3111860373core:LandBuildings2024-03-3111860373core:PlantMachinery2024-03-3111860373core:Vehicles2024-03-3111860373core:FurnitureFittings2024-03-3111860373core:OfficeEquipment2024-03-3111860373core:NetGoodwill2024-03-3111860373core:IntangibleAssetsOtherThanGoodwill2024-03-3111860373core:ListedExchangeTraded2024-03-3111860373core:UnlistedNon-exchangeTraded2024-03-3111860373core:LandBuildings2023-03-3111860373core:PlantMachinery2023-03-3111860373core:Vehicles2023-03-3111860373core:FurnitureFittings2023-03-3111860373core:OfficeEquipment2023-03-3111860373core:NetGoodwill2023-03-3111860373core:IntangibleAssetsOtherThanGoodwill2023-03-3111860373core:ListedExchangeTraded2023-03-3111860373core:UnlistedNon-exchangeTraded2023-03-3111860373core:LandBuildings2023-04-012024-03-3111860373core:PlantMachinery2023-04-012024-03-3111860373core:Vehicles2023-04-012024-03-3111860373core:FurnitureFittings2023-04-012024-03-3111860373core:OfficeEquipment2023-04-012024-03-3111860373core:NetGoodwill2023-04-012024-03-3111860373core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3111860373core:ListedExchangeTraded2023-04-012024-03-3111860373core:UnlistedNon-exchangeTraded2023-04-012024-03-3111860373core:MoreThanFiveYears2023-04-012024-03-3111860373core:Non-currentFinancialInstruments2024-03-3111860373core:Non-currentFinancialInstruments2023-03-3111860373dpl:CostSales2023-04-012024-03-3111860373dpl:DistributionCosts2023-04-012024-03-3111860373core:LandBuildings2023-04-012024-03-3111860373core:PlantMachinery2023-04-012024-03-3111860373core:Vehicles2023-04-012024-03-3111860373core:FurnitureFittings2023-04-012024-03-3111860373core:OfficeEquipment2023-04-012024-03-3111860373dpl:AdministrativeExpenses2023-04-012024-03-3111860373core:NetGoodwill2023-04-012024-03-3111860373core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3111860373dpl:GroupUndertakings2023-04-012024-03-3111860373dpl:ParticipatingInterests2023-04-012024-03-3111860373dpl:GroupUndertakingscore:ListedExchangeTraded2023-04-012024-03-3111860373core:ListedExchangeTraded2023-04-012024-03-3111860373dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-04-012024-03-3111860373core:UnlistedNon-exchangeTraded2023-04-012024-03-3111860373dpl:CostSales2022-04-012023-03-3111860373dpl:DistributionCosts2022-04-012023-03-3111860373core:LandBuildings2022-04-012023-03-3111860373core:PlantMachinery2022-04-012023-03-3111860373core:Vehicles2022-04-012023-03-3111860373core:FurnitureFittings2022-04-012023-03-3111860373core:OfficeEquipment2022-04-012023-03-3111860373dpl:AdministrativeExpenses2022-04-012023-03-3111860373core:NetGoodwill2022-04-012023-03-3111860373core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3111860373dpl:GroupUndertakings2022-04-012023-03-3111860373dpl:ParticipatingInterests2022-04-012023-03-3111860373dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-3111860373core:ListedExchangeTraded2022-04-012023-03-3111860373dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-3111860373core:UnlistedNon-exchangeTraded2022-04-012023-03-3111860373core:NetGoodwill2024-03-3111860373core:IntangibleAssetsOtherThanGoodwill2024-03-3111860373core:LandBuildings2024-03-3111860373core:PlantMachinery2024-03-3111860373core:Vehicles2024-03-3111860373core:FurnitureFittings2024-03-3111860373core:OfficeEquipment2024-03-3111860373core:AfterOneYear2024-03-3111860373core:WithinOneYear2024-03-3111860373core:ListedExchangeTraded2024-03-3111860373core:UnlistedNon-exchangeTraded2024-03-3111860373core:ShareCapital2024-03-3111860373core:SharePremium2024-03-3111860373core:RevaluationReserve2024-03-3111860373core:OtherReservesSubtotal2024-03-3111860373core:RetainedEarningsAccumulatedLosses2024-03-3111860373core:NetGoodwill2023-03-3111860373core:IntangibleAssetsOtherThanGoodwill2023-03-3111860373core:LandBuildings2023-03-3111860373core:PlantMachinery2023-03-3111860373core:Vehicles2023-03-3111860373core:FurnitureFittings2023-03-3111860373core:OfficeEquipment2023-03-3111860373core:AfterOneYear2023-03-3111860373core:WithinOneYear2023-03-3111860373core:ListedExc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SOUTHWEST MORTGAGES LTD

Registered Number
11860373
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

SOUTHWEST MORTGAGES LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

HARVEY, Shaun
KINSMAN, Darren

Registered Address

11a Kimberley Park Road
Falmouth
TR11 2DA

Registered Number

11860373 (England and Wales)
SOUTHWEST MORTGAGES LTD
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3-17,373
Tangible assets4272340
27217,713
Current assets
Debtors511174
Cash at bank and on hand454354
565428
Creditors amounts falling due within one year6(23,568)(40,498)
Net current assets (liabilities)(23,003)(40,070)
Total assets less current liabilities(22,731)(22,357)
Provisions for liabilities7(52)(65)
Net assets(22,783)(22,422)
Capital and reserves
Called up share capital22
Profit and loss account(22,785)(22,424)
Shareholders' funds(22,783)(22,422)
The financial statements were approved and authorised for issue by the Board of Directors on 11 October 2024, and are signed on its behalf by:
HARVEY, Shaun
Director
Registered Company No. 11860373
SOUTHWEST MORTGAGES LTD
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Office Equipment20
2.Average number of employees

20242023
Average number of employees during the year33
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 2386,86686,866
At 31 March 2486,86686,866
Amortisation and impairment
At 01 April 2369,49369,493
Charge for year17,37317,373
At 31 March 2486,86686,866
Net book value
At 31 March 24--
At 31 March 2317,37317,373
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 April 23749749
At 31 March 24749749
Depreciation and impairment
At 01 April 23409409
Charge for year6868
At 31 March 24477477
Net book value
At 31 March 24272272
At 31 March 23340340
5.Debtors: amounts due within one year

2024

2023

££
Other debtors11174
Total11174
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables40106
Taxation and social security4,1193,316
Other creditors18,85736,548
Accrued liabilities and deferred income552528
Total23,56840,498
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)5265
Total5265