Acorah Software Products - Accounts Production 16.1.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 08057085 Mr James Carpenter Mrs Carly Carpenter iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08057085 2023-05-31 08057085 2024-05-31 08057085 2023-06-01 2024-05-31 08057085 frs-core:CurrentFinancialInstruments 2024-05-31 08057085 frs-core:Non-currentFinancialInstruments 2024-05-31 08057085 frs-core:FurnitureFittings 2024-05-31 08057085 frs-core:FurnitureFittings 2023-06-01 2024-05-31 08057085 frs-core:FurnitureFittings 2023-05-31 08057085 frs-core:NetGoodwill 2024-05-31 08057085 frs-core:NetGoodwill 2023-06-01 2024-05-31 08057085 frs-core:NetGoodwill 2023-05-31 08057085 frs-core:MotorVehicles 2024-05-31 08057085 frs-core:MotorVehicles 2023-06-01 2024-05-31 08057085 frs-core:MotorVehicles 2023-05-31 08057085 frs-core:ShareCapital 2024-05-31 08057085 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 08057085 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08057085 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 08057085 frs-bus:SmallEntities 2023-06-01 2024-05-31 08057085 frs-bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08057085 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 08057085 frs-bus:Director1 2023-06-01 2024-05-31 08057085 frs-bus:Director2 2023-06-01 2024-05-31 08057085 frs-countries:EnglandWales 2023-06-01 2024-05-31 08057085 2022-05-31 08057085 2023-05-31 08057085 2022-06-01 2023-05-31 08057085 frs-core:CurrentFinancialInstruments 2023-05-31 08057085 frs-core:Non-currentFinancialInstruments 2023-05-31 08057085 frs-core:ShareCapital 2023-05-31 08057085 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 08057085
B B Mortgages Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Access Accounts Services Ltd
Office 11 Navigation Business Centre
Mill Gate
Newark
Nottinghamshire
NG24 4TS
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of B B Mortgages Ltd For The Year Ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of B B Mortgages Ltd For The Year Ended 31 May 2024 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 to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of B B Mortgages Ltd , as a body, in accordance with the terms of our engagement letter dated 09 August 2023. Our work has been undertaken solely to prepare for your approval the accounts of B B Mortgages Ltd and state those matters that we have agreed to state to the directors of B B Mortgages Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B B Mortgages Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that B B 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 B B Mortgages Ltd . You consider that B B Mortgages Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of B B 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
23 December 2024
Access Accounts Services Ltd
Office 11 Navigation Business Centre
Mill Gate
Newark
Nottinghamshire
NG24 4TS
Page 1
Page 2
Balance Sheet
Registered number: 08057085
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 428,125 375,000
Tangible Assets 5 13,080 14,359
441,205 389,359
CURRENT ASSETS
Stocks 6 95,423 95,423
Debtors 7 382,966 426,687
Cash at bank and in hand 224,402 42,155
702,791 564,265
Creditors: Amounts Falling Due Within One Year 8 (380,941 ) (212,147 )
NET CURRENT ASSETS (LIABILITIES) 321,850 352,118
TOTAL ASSETS LESS CURRENT LIABILITIES 763,055 741,477
Creditors: Amounts Falling Due After More Than One Year 9 (561,102 ) (489,377 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,941 ) (1,941 )
NET ASSETS 200,012 250,159
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 199,912 250,059
SHAREHOLDERS' FUNDS 200,012 250,159
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Page 3
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
On behalf of the board
Mr James Carpenter
Director
18 February 2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
B B Mortgages Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08057085 . The registered office is 20 Whitton House, 20 Market Place, Newark, NG24 1EA.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. 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:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
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.
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.
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2.7. 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.
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: 12 (2023: 9)
12 9
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 400,000
Additions 75,000
As at 31 May 2024 475,000
Amortisation
As at 1 June 2023 25,000
Provided during the period 21,875
As at 31 May 2024 46,875
Net Book Value
As at 31 May 2024 428,125
As at 1 June 2023 375,000
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5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2023 28,048 26,120 54,168
Additions - 2,105 2,105
As at 31 May 2024 28,048 28,225 56,273
Depreciation
As at 1 June 2023 21,741 18,068 39,809
Provided during the period 1,577 1,807 3,384
As at 31 May 2024 23,318 19,875 43,193
Net Book Value
As at 31 May 2024 4,730 8,350 13,080
As at 1 June 2023 6,307 8,052 14,359
6. Stocks
2024 2023
£ £
Work in progress 95,423 95,423
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 382,966 426,687
382,966 426,687
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,637 8,602
Corporation tax 43,427 40,032
Other taxes and social security 7,661 15,759
Other creditors 310,535 138,636
Accruals and deferred income 7,809 4,707
Directors' loan accounts 1,872 4,411
380,941 212,147
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 561,102 489,377
561,102 489,377
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10. Secured Creditors
Of the creditors the following amounts are secured by personal guarantee of the directors..
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 7