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REGISTERED NUMBER: SC250994 (Scotland)




















DOUBLE QUICK MORTGAGES LIMITED

Unaudited Financial Statements

for the Year Ended 30 June 2024






DOUBLE QUICK MORTGAGES LIMITED (Registered number: SC250994)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DOUBLE QUICK MORTGAGES LIMITED

Company Information
for the Year Ended 30 June 2024







DIRECTOR: D J Sneddon



SECRETARY: P Sneddon



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
EH3 6AT



REGISTERED NUMBER: SC250994 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland
12 Bridge Street
Musselburgh
EH21 6AH

DOUBLE QUICK MORTGAGES LIMITED (Registered number: SC250994)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 509 693
509 693

CURRENT ASSETS
Debtors 6 1,603 -
Cash at bank 46,714 47,267
48,317 47,267
CREDITORS
Amounts falling due within one year 7 13,220 10,577
NET CURRENT ASSETS 35,097 36,690
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,606

37,383

PROVISIONS FOR LIABILITIES 99 132
NET ASSETS 35,507 37,251

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 34,507 36,251
SHAREHOLDERS' FUNDS 35,507 37,251

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DOUBLE QUICK MORTGAGES LIMITED (Registered number: SC250994)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 February 2025 and were signed by:





D J Sneddon - Director


DOUBLE QUICK MORTGAGES LIMITED (Registered number: SC250994)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

DOUBLE QUICK MORTGAGES LIMITED is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
Turnover represents net invoiced fees and commission's received.

Revenue is recognised in accordance with Financial Reporting Standard 5 "Reporting the Substance of Transactions", Application Note G "Revenue Recognition", and UITF 40 "Revenue Recognition and Service Contracts". In this respect, revenue is recognised in line with performance, to the extent that a right to consideration arises. Included in current assets, as "accrued sales", are amounts in respect of income that has been recognised but not billed by the end of the period. Provision is made against unbilled amounts where the right to receive payment is contingent and dependent on factors outside the control of the company.

Goodwill
Goodwill is capitalised and classified as an asset on the balance sheet. Amortisation is calculated to write off the capitalised goodwill in equal instalments over the estimated useful life of the asset, originally subject to a maximum of 20 years. This policy was amended in the year ending 30 June 2015 and amortisation is now subject to a maximum of 10 years. As a result of this change in accounting policy, goodwill was fully amortised by the year ended 30 June 2019.

Goodwill is reviewed for impairment following the first full year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying values may not be recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on reducing balance

DOUBLE QUICK MORTGAGES LIMITED (Registered number: SC250994)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments comprise financial assets and financial liabilities which are recognised when the company become a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS 102 and are accounted for at amortised cost using the effective interest method.The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial.

Financial assets at cost compromise bank and other debtors. Financial liabilities compromise accruals and other creditors.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

DOUBLE QUICK MORTGAGES LIMITED (Registered number: SC250994)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 60,000
AMORTISATION
At 1 July 2023
and 30 June 2024 60,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 3,765
Additions 142
At 30 June 2024 3,907
DEPRECIATION
At 1 July 2023 3,072
Charge for year 326
At 30 June 2024 3,398
NET BOOK VALUE
At 30 June 2024 509
At 30 June 2023 693

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,603 -

DOUBLE QUICK MORTGAGES LIMITED (Registered number: SC250994)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 10,579 6,891
Other creditors 2,641 3,686
13,220 10,577

Included in other creditors is a balance of £670 (2023: £2,025) on the director's current account.

8. CLAWBACKS

Policies can be cancelled at any point during the cover period and as a result a proportion of the commission taken is repayable. Due to the uncertainty involved, it is not possible to quantify the potential clawback commission.