Registered number
05803217
HIRSTWOOD MORTGAGES LIMITED
Unaudited Filleted Accounts
31 May 2024
HIRSTWOOD MORTGAGES LIMITED
Registered number: 05803217
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 86,893 98,838
Current assets
Cash at bank and in hand 281,083 288,591
Creditors: amounts falling due within one year 4 (95,377) (102,530)
Net current assets 185,706 186,061
Net assets 272,599 284,899
Capital and reserves
Called up share capital 10 10
Profit and loss account 272,589 284,889
Shareholders' funds 272,599 284,899
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Martin Smith-Sheppard
Director
Approved by the board on 23 January 2025
HIRSTWOOD MORTGAGES LIMITED
Notes to the Accounts
for the year ended 31 May 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:
Motor vehicles over 8 years
Fixtures, fittings, tools and equipment over 8 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 80,239 69,490 149,729
Additions 8,233 - 8,233
At 31 May 2024 88,472 69,490 157,962
Depreciation
At 1 June 2023 42,204 8,687 50,891
Charge for the year 11,492 8,686 20,178
At 31 May 2024 53,696 17,373 71,069
Net book value
At 31 May 2024 34,776 52,117 86,893
At 31 May 2023 38,035 60,803 98,838
4 Creditors: amounts falling due within one year 2024 2023
£ £
Loans payable 20,731 30,712
Trade creditors 4,800 9,594
Directors loan 30,487 31,043
Corporation tax 19,395 11,217
Other creditors 19,964 19,964
95,377 102,530
5 Controlling party
The company was controlled throughout the year by its director by virtue of the fact that he owns the majority of the ordinary shares.
6 Other information
HIRSTWOOD MORTGAGES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
90 Brixton Hill
London
SW2 1QN
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