Silverfin false false 31/03/2024 01/04/2023 31/03/2024 M P Robinson 15/03/2006 31 January 2025 The principal activity of the Company during the financial year was that of the provision of independent mortgage advice. 05743648 2024-03-31 05743648 bus:Director1 2024-03-31 05743648 2023-03-31 05743648 core:CurrentFinancialInstruments 2024-03-31 05743648 core:CurrentFinancialInstruments 2023-03-31 05743648 core:Non-currentFinancialInstruments 2024-03-31 05743648 core:Non-currentFinancialInstruments 2023-03-31 05743648 core:ShareCapital 2024-03-31 05743648 core:ShareCapital 2023-03-31 05743648 core:RetainedEarningsAccumulatedLosses 2024-03-31 05743648 core:RetainedEarningsAccumulatedLosses 2023-03-31 05743648 core:OtherPropertyPlantEquipment 2023-03-31 05743648 core:OtherPropertyPlantEquipment 2024-03-31 05743648 2022-03-31 05743648 2023-04-01 2024-03-31 05743648 bus:FilletedAccounts 2023-04-01 2024-03-31 05743648 bus:SmallEntities 2023-04-01 2024-03-31 05743648 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05743648 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05743648 bus:Director1 2023-04-01 2024-03-31 05743648 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 05743648 2022-04-01 2023-03-31 05743648 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05743648 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 05743648 (England and Wales)

MORTGAGE STYLE LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MORTGAGE STYLE LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MORTGAGE STYLE LTD

BALANCE SHEET

As at 31 March 2024
MORTGAGE STYLE LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 860 2,481
860 2,481
Current assets
Debtors 4 237,425 201,112
Cash at bank and in hand 5 194,335 269,433
431,760 470,545
Creditors: amounts falling due within one year 6 ( 140,316) ( 129,171)
Net current assets 291,444 341,374
Total assets less current liabilities 292,304 343,855
Creditors: amounts falling due after more than one year 7 ( 45,261) ( 68,675)
Provision for liabilities 8 0 ( 308)
Net assets 247,043 274,872
Capital and reserves
Called-up share capital 100 100
Profit and loss account 246,943 274,772
Total shareholder's funds 247,043 274,872

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Mortgage Style Ltd (registered number: 05743648) were approved and authorised for issue by the Director on 31 January 2025. They were signed on its behalf by:

M P Robinson
Director
MORTGAGE STYLE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MORTGAGE STYLE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mortgage Style Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Elm Tree Farm Estate, The Sheepway Portbury, Bristol, BS20 7TF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover consists of mortgage broker fees and commission and is the fair value of such consideration received or receivable. The company recognises revenue when the amount of revenue can be recognised reliably and it is probable that future economic benefits will flow to the entity.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade debtors are amounts due from customers for mortgage brokering and associated commission undertaken in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors are other amounts due to the company and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between
the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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 payments obligations.

The contributions are recognised as an expense in the profit and loss account 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 13 13

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 16,241 16,241
At 31 March 2024 16,241 16,241
Accumulated depreciation
At 01 April 2023 13,760 13,760
Charge for the financial year 1,621 1,621
At 31 March 2024 15,381 15,381
Net book value
At 31 March 2024 860 860
At 31 March 2023 2,481 2,481

4. Debtors

2024 2023
£ £
Trade debtors 164,779 198,809
Amounts owed by Group undertakings 50,000 0
Other debtors 22,646 2,303
237,425 201,112

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 194,335 269,433

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 9,414 10,000
Taxation and social security 63,583 49,724
Other creditors 67,319 69,447
140,316 129,171

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 17,261 26,675
Other creditors 28,000 42,000
45,261 68,675

There are no amounts included above in respect of which any security has been given by the small entity.

There is a £28,000 (2022 - £42,000) loan from HPL (a network used by the company) which is repayable over 5 years from 14 January 2021. Interest is charged at 8% over the base rate set by Barclays Plc. The annual loan repayment and interest charge is waived if the company achieves commissions above an agreed target.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 308) ( 695)
Credited to the Profit and Loss Account 308 387
At the end of financial year 0 ( 308)

9. Related party transactions

Transactions with the entity's director

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2023, the balance owed to the director was £4,144. During the year, £223,103 was advanced to the director, and £201,667 was repaid by the director. At 31 March 2024, the balance owed by the director was £17,292.

At 1 April 2022, the balance owed by the director was £88,782. During the year, £187,070 was advanced to the director, and £279,996 was repaid by the director. At 31 March 2023, the balance owed to the director was £4,144.