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Company registration number: 07238950







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


MORTGAGE DECISIONS LIMITED






































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MORTGAGE DECISIONS LIMITED
 


 
COMPANY INFORMATION


Directors
Mr R Mott 
C A West (appointed 13 May 2024)




Registered number
07238950



Registered office
Trinity House Winchester Road
Chandler's Ford

Eastleigh

Hampshire

SO53 2DR




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


MORTGAGE DECISIONS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 9
Post balance sheet events

Please refer to note 9 for details of post balance sheet events.

 


MORTGAGE DECISIONS LIMITED
REGISTERED NUMBER:07238950



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,299
7,425

  
5,299
7,425

Current assets
  

Debtors: amounts falling due within one year
 5 
65,442
549,645

Cash at bank and in hand
  
151,449
440,710

  
216,891
990,355

Creditors: amounts falling due within one year
 6 
(133,454)
(169,468)

Net current assets
  
 
 
83,437
 
 
820,887

Total assets less current liabilities
  
88,736
828,312

Creditors: amounts falling due after more than one year
 7 
(20,625)
(103,125)

Provisions for liabilities
  

Deferred tax
  
(1,018)
(1,524)

  
 
 
(1,018)
 
 
(1,524)

Net assets
  
67,093
723,663

Page 1

 


MORTGAGE DECISIONS LIMITED
REGISTERED NUMBER:07238950


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
65
65

Capital redemption reserve
  
35
35

Share options reserve
  
77,808
-

Profit and loss account
  
(10,815)
723,563

  
67,093
723,663


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 income and retained earnings 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 by: 




Mr R Mott
Director

Date: 10 March 2025

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

Page 2

 


MORTGAGE DECISIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Mortgage Decisions Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the Company Information page.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has the support of the Directors and related companies and is expected to be profit making moving forward. As a result the Directors consider the company to be a going concern.

 
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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 


MORTGAGE DECISIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

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.

Page 4

 


MORTGAGE DECISIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

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 profit or loss.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 25).

Page 5

 


MORTGAGE DECISIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
17,021


Disposals
(4,127)



At 31 March 2024

12,894



Depreciation


At 1 April 2023
9,596


Charge for the year on owned assets
1,845


Disposals
(3,846)



At 31 March 2024

7,595



Net book value



At 31 March 2024
5,299



At 31 March 2023
7,425


5.


Debtors

2024
2023
£
£


Trade debtors
2,500
57

Amounts owed by group undertakings
14,188
517,143

Other debtors
-
781

Prepayments and accrued income
48,754
31,664

65,442
549,645


Page 6

 


MORTGAGE DECISIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
82,500
82,500

Trade creditors
1,972
7,040

Corporation tax
8,801
39,553

Other taxation and social security
31,349
27,893

Other creditors
2,940
3,244

Accruals and deferred income
5,892
9,238

133,454
169,468



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
20,625
103,125

20,625
103,125


The bank loans are secured by way of a fixed and floating charge in favour of National Westminster Bank PLC over all property and undertakings of the Company.

Page 7

 


MORTGAGE DECISIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Share-based payments

Options have been granted to certain employees for O Ordinary shares in the in year ultimate parent company, CEAL Holdings Limited.
If the options remain unexercised after a period of ten years from the date of grant, the options expire. At the discretion of the Company, options may be forfeited if the employee leaves the company before the options vest. Per the scheme rules, the options are exercisable where the parent company is listed or sold at a price above a stated benchmark.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

0.01

232

0.01
 
232
 
Forfeited during the year

0.01

(77)

0.01
 
-
 
Outstanding at the end of the year
0.01

155

0.01
 
232
 

All options outstanding at year end were exercised on 5 July 2024.




9.


Related party transactions

Under the provisions of Financial Reporting Standard 102 section 33, the Company is exempt from disclosing transactions and balances with other wholly owned group companies.


10.


Post balance sheet events

On 25 April 2024 100% of the share capital in the company was transferred from Charters Estate Agents Limited to personal shareholders.
There has been no change in the ultimate ownership of the entity.
Subsequently, all share options noted in note 8 became exercisable. These options over shares in CEAL Holdings Limited were exercised in full on 5 July 2024.


11.


Parent company

During the year, the Company was a wholly owned subsidiary of Charters Estate Agents Limited, whose registered office is 70 St. Mary Axe, London, England, EC3A 8BE.
Since the year end, the entity is no longer part of a corporate group. Refer to note 10.
Page 8

 


MORTGAGE DECISIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 11 March 2025 by James Hadfield FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 9