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Registered number: 12687834
Virtuous Mortgages Ltd
ABRIDGED Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Accountants' Report 1
Abridged Balance Sheet 2—3
Notes to the Abridged Financial Statements 4—5
Page 1
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of Virtuous Mortgages Ltd For The Year Ended 30 June 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Virtuous Mortgages Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Virtuous Mortgages Ltd , as a body, in accordance with the terms of our engagement letter dated 01 November 2023. Our work has been undertaken solely to prepare for your approval the accounts of Virtuous Mortgages Ltd and state those matters that we have agreed to state to the director of Virtuous Mortgages Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Virtuous Mortgages Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Virtuous Mortgages Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Virtuous Mortgages Ltd . You consider that Virtuous Mortgages Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Virtuous Mortgages Ltd . For this reason, we have not verified the 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 financial statements.
Signed
28 January 2025
Feldon Accountancy
Chartered Certified Accountants
Westwood House
78 Loughborough Road, Quorn
Loughborough
Leicestershire
LE12 8DX
Page 1
Page 2
Abridged Balance Sheet
Registered number: 12687834
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,643 5,805
4,643 5,805
CURRENT ASSETS
Cash at bank and in hand 14,528 18,439
14,528 18,439
Creditors: Amounts Falling Due Within One Year (5,046 ) (1,228 )
NET CURRENT ASSETS (LIABILITIES) 9,482 17,211
TOTAL ASSETS LESS CURRENT LIABILITIES 14,125 23,016
NET ASSETS 14,125 23,016
CAPITAL AND RESERVES
Called up share capital 5 1 1
Profit and Loss Account 14,124 23,015
SHAREHOLDERS' FUNDS 14,125 23,016
Page 2
Page 3
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 30 June 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Ms Aarti Bharakhada
Director
28 January 2025
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Abridged Financial Statements
1. General Information
Virtuous Mortgages Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12687834 . The registered office is 17 Cumberwell Drive, Enderby, Leicester, LE19 2LB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 20% Reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: 1)
- 1
4. Tangible Assets
Total
£
Cost
As at 1 July 2023 5,976
As at 30 June 2024 5,976
Depreciation
As at 1 July 2023 171
Provided during the period 1,162
As at 30 June 2024 1,333
Net Book Value
As at 30 June 2024 4,643
As at 1 July 2023 5,805
5. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 5