Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30false2023-05-01No description of principal activity3025truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06552344 2023-05-01 2024-04-30 06552344 2022-05-01 2023-04-30 06552344 2024-04-30 06552344 2023-04-30 06552344 2022-05-01 06552344 c:Director1 2023-05-01 2024-04-30 06552344 d:FurnitureFittings 2023-05-01 2024-04-30 06552344 d:OfficeEquipment 2023-05-01 2024-04-30 06552344 d:OfficeEquipment 2024-04-30 06552344 d:OfficeEquipment 2023-04-30 06552344 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06552344 d:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 06552344 d:Goodwill 2023-05-01 2024-04-30 06552344 d:Goodwill 2024-04-30 06552344 d:Goodwill 2023-04-30 06552344 d:CurrentFinancialInstruments 2024-04-30 06552344 d:CurrentFinancialInstruments 2023-04-30 06552344 d:Non-currentFinancialInstruments 2024-04-30 06552344 d:Non-currentFinancialInstruments 2023-04-30 06552344 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 06552344 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 06552344 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 06552344 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 06552344 d:ShareCapital 2024-04-30 06552344 d:ShareCapital 2023-04-30 06552344 d:CapitalRedemptionReserve 2024-04-30 06552344 d:CapitalRedemptionReserve 2023-04-30 06552344 d:RetainedEarningsAccumulatedLosses 2024-04-30 06552344 d:RetainedEarningsAccumulatedLosses 2023-04-30 06552344 c:FRS102 2023-05-01 2024-04-30 06552344 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 06552344 c:FullAccounts 2023-05-01 2024-04-30 06552344 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06552344 d:WithinOneYear 2024-04-30 06552344 d:WithinOneYear 2023-04-30 06552344 d:BetweenOneFiveYears 2024-04-30 06552344 d:BetweenOneFiveYears 2023-04-30 06552344 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-05-01 2024-04-30 06552344 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 06552344 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 06552344 d:RetirementBenefitObligationsDeferredTax 2024-04-30 06552344 d:RetirementBenefitObligationsDeferredTax 2023-04-30 06552344 d:Goodwill d:OwnedIntangibleAssets 2023-05-01 2024-04-30 06552344 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 06552344










MORTGAGE 1ST LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
MORTGAGE 1ST LIMITED
REGISTERED NUMBER: 06552344

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
27,000
-

Tangible assets
 5 
30,589
34,763

Current assets
  

Debtors: amounts falling due within one year
 6 
213,423
65,014

Cash at bank and in hand
  
38,267
60,165

  
251,690
125,179

Creditors: amounts falling due within one year
 7 
(146,189)
(124,037)

Net current assets
  
 
 
105,501
 
 
1,142

Total assets less current liabilities
  
163,090
35,905

Creditors: amounts falling due after more than one year
 8 
(249,313)
(27,083)

Provisions for liabilities
  

Deferred tax
 9 
(4,894)
(6,727)

Net (liabilities)/assets
  
(91,117)
2,095


Capital and reserves
  

Called up share capital 
  
8
8

Capital redemption reserve
  
3
3

Profit and loss account
  
(91,128)
2,084

  
(91,117)
2,095


Page 1

 
MORTGAGE 1ST LIMITED
REGISTERED NUMBER: 06552344
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.




J D Stones
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MORTGAGE 1ST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Mortgage 1st Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 06552344). Its registered office is 2 Napier Court, Gander Lane, Barlborough, Chesterfield, Derbyshire, S43 4PZ. The principal activity of the Company throughout the year continued to be that of mortgage agents. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has net liabilities at 30th April 2024 of £91,117. The financial statements have been prepared on a going concern basis, on the understanding that the directors and shareholders will continue to financially support the Company going forward.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
MORTGAGE 1ST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Furniture and fittings
-
15%
reducing balance
Office equipment
-
15%
reducing balance
Research and development
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
MORTGAGE 1ST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

 
2.8

Government grants

Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
MORTGAGE 1ST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

Tax is recognised in the Statement of Comprehensive Income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2023 - 25).


4.


Intangible assets




Goodwill

£



Cost


Additions
30,000



At 30 April 2024

30,000



Amortisation


Charge for the year on owned assets
3,000



At 30 April 2024

3,000



Net book value



At 30 April 2024
27,000



At 30 April 2023
-



Page 6

 
MORTGAGE 1ST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Office equipment, fixture & fittings and research & development

£



Cost or valuation


At 1 May 2023
70,793


Additions
1,699


Disposals
(1,375)



At 30 April 2024

71,117



Depreciation


At 1 May 2023
36,030


Charge for the year on owned assets
5,317


Disposals
(819)



At 30 April 2024

40,528



Net book value



At 30 April 2024
30,589



At 30 April 2023
34,763

Page 7

 
MORTGAGE 1ST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Other debtors
163,595
51,999

Tax recoverable
49,828
13,015

213,423
65,014



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
52,308
25,000

Trade creditors
19,789
16,541

Corporation tax
19,882
38,135

Other taxation and social security
5,296
9,040

Other creditors
48,914
35,321

146,189
124,037



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
249,313
27,083


Page 8

 
MORTGAGE 1ST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
6,727
6,619


Charged to profit or loss
(1,833)
108



At end of year
4,894
6,727

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
5,228
6,727

Pension surplus
(334)
-

4,894
6,727


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £15,984 (2023: £13,274). Contributions totalling £1,335 (2023: £nill) were payable to the fund at the Balance Sheet date and are included in creditors.


11.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
31,287
12,762

Later than 1 year and not later than 5 years
2,013
4,025

33,300
16,787

 
Page 9