Company registration number 11337351 (England and Wales)
MORTGAGE LANE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MORTGAGE LANE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MORTGAGE LANE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,756
Tangible assets
4
11,538
15,490
23,294
15,490
Current assets
Debtors
5
308,310
358,325
Cash at bank and in hand
42,579
66,932
350,889
425,257
Creditors: amounts falling due within one year
6
(62,566)
(105,035)
Net current assets
288,323
320,222
Total assets less current liabilities
311,617
335,712
Creditors: amounts falling due after more than one year
7
(30,418)
(35,417)
Provisions for liabilities
(1,949)
(3,172)
Net assets
279,250
297,123
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
279,249
297,122
Total equity
279,250
297,123
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 13 January 2025
Mr J A Lane
Director
Company Registration No. 11337351
MORTGAGE LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Mortgage Lane Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Corporation Road, Newport, Gwent, Wales, NP19 0AR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
10% Straight Line
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
Computers
33.33% reducing balance
MORTGAGE LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
14
MORTGAGE LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Intangible fixed assets
Website
£
Cost
At 1 May 2023
Additions
12,484
At 30 April 2024
12,484
Amortisation and impairment
At 1 May 2023
Amortisation charged for the year
728
At 30 April 2024
728
Carrying amount
At 30 April 2024
11,756
At 30 April 2023
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 May 2023
6,147
21,773
27,920
Additions
538
129
667
At 30 April 2024
6,685
21,902
28,587
Depreciation and impairment
At 1 May 2023
2,213
10,217
12,430
Depreciation charged in the year
805
3,814
4,619
At 30 April 2024
3,018
14,031
17,049
Carrying amount
At 30 April 2024
3,667
7,871
11,538
At 30 April 2023
3,934
11,556
15,490
MORTGAGE LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,661
3,104
Amounts owed by group undertakings
299,069
346,492
Other debtors
4,462
Prepayments and accrued income
3,118
8,729
308,310
358,325
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,000
5,000
Corporation tax
41,558
88,151
Other taxation and social security
1,992
846
Other creditors
14,016
11,038
62,566
105,035
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,418
35,417
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
5,417
10,417
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
9
Parent company
The parent company is Lane Co Holdings Limited, whose registered address is 12 Corporation Road, Newport, Wales, NP19 0AR.
MORTGAGE LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
10
Related party transactions
The following amounts were outstanding at the reporting end date:
Square Scaffolding Limited, a connected company which shares the same directors, is owing an amount of £11,048 (2023 - £11,348). This amount is included in debtors; amount falling due within one year.
Lane Co Holdings Limited, a connected company which shares the same directors, is owing an amount of £161,846 (2023 - £208,969). This amount is included in debtors; amount falling due within one year.
Lane Property Holdings Limited, a connected company which shares the same directors, is owing an amount of £126,175 (2023 - £126,175). This amount is included in debtors; amount falling due within one year.
11
Directors' transactions
Dividends totalling £150,000 (2023 - £275,400) were paid in the year in respect of shares held by the company's directors.