Registered number
12371719
P3 Mortgage Group Ltd
Filleted Accounts
30 April 2024
P3 Mortgage Group Ltd
Registered number: 12371719
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,991 21,142
Current assets
Debtors 4 1,964 -
Cash at bank and in hand 21,770 49,199
23,734 49,199
Creditors: amounts falling due within one year 5 (4,797) (13,612)
Net current assets 18,937 35,587
Total assets less current liabilities 36,928 56,729
Creditors: amounts falling due after more than one year 6 (5,357) (8,019)
Net assets 31,571 48,710
Capital and reserves
Called up share capital 100 100
Profit and loss account 31,471 48,610
Shareholder's funds 31,571 48,710
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Terrina Louise Payne
Director
Approved by the board on 27 January 2025
P3 Mortgage Group Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
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
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 10,899 24,000 34,899
Additions 1,347 - 1,347
At 30 April 2024 12,246 24,000 36,246
Depreciation
At 1 May 2023 5,117 8,640 13,757
Charge for the year 1,426 3,072 4,498
At 30 April 2024 6,543 11,712 18,255
Net book value
At 30 April 2024 5,703 12,288 17,991
At 30 April 2023 5,782 15,360 21,142
4 Debtors 2024 2023
£ £
Other debtors 1,964 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 3,414 3,414
Taxation and social security costs 476 3,791
Other creditors 907 6,407
4,797 13,612
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 5,357 8,019
7 Controlling party
The ultimate controlling party is Terrina Payne, who owns 100% of the company's shareholding.
8 Other information
P3 Mortgage Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Twelve Quays House
Egerton Wharf
Birkenhead
CH41 1LD
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