Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-312023-12-31true2023-01-01falseActivities of mortgage finance companies34falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12913330 2023-01-01 2023-12-31 12913330 2021-10-01 2022-12-31 12913330 2023-12-31 12913330 2022-12-31 12913330 c:Director1 2023-01-01 2023-12-31 12913330 d:CurrentFinancialInstruments 2023-12-31 12913330 d:CurrentFinancialInstruments 2022-12-31 12913330 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12913330 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12913330 d:ShareCapital 2023-12-31 12913330 d:ShareCapital 2022-12-31 12913330 d:RetainedEarningsAccumulatedLosses 2023-12-31 12913330 d:RetainedEarningsAccumulatedLosses 2022-12-31 12913330 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12913330 c:OrdinaryShareClass1 2023-12-31 12913330 c:FRS102 2023-01-01 2023-12-31 12913330 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12913330 c:FullAccounts 2023-01-01 2023-12-31 12913330 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12913330 2 2023-01-01 2023-12-31 12913330 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12913330














MC PRIVATE FINANCE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
MC PRIVATE FINANCE LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 5


 
MC PRIVATE FINANCE LIMITED
REGISTERED NUMBER:12913330

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,023,537
1,091,397

Cash at bank and in hand
  
158,347
11,786

  
1,181,884
1,103,183

Current liabilities
  

Creditors: amounts falling due within one year
 5 
(1,036,639)
(581,662)

Net current assets
  
 
 
145,245
 
 
521,521

Total assets less current liabilities
  
145,245
521,521

  

Net assets
  
145,245
521,521


Capital and reserves
  

Called up share capital 
 6 
500,000
500,000

Profit and loss account
  
(354,755)
21,521

  
145,245
521,521


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 comprehensive income 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 on 21 March 2025.




P R Munford
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
MC PRIVATE FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MC Private Finance Ltd is a private limited liability company registered in England and Wales. Its registered office address is at 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB.
The principle activity of the company is that of a mortgage broker.
The company's functional and presentational currency is £ sterling.

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

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue for mortgage broker fees and similar income is recognised on the mortgage completion date. 

 
2.3

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.

 
2.4

Interest income

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

 
2.5

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 2

 
MC PRIVATE FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

The Company contributes to 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.

 
2.7

Taxation

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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as other debtors, trade and other creditors, cash at bank and in hand and loans from related parties.
Other debtors are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of other debtors.
Cash at bank and in hand comprise cash balances and call deposits.

Page 3

 
MC PRIVATE FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

Year ended 31 December
Period ended
31 December
2023
2022
£
£

Wages and salaries
162,922
186,574

Social security costs
18,367
21,774

Cost of defined contribution scheme
1,887
1,622

183,176
209,970


The average monthly number of employees, including directors, during the year was 3 (2022 - 4).


4.


Debtors

2023
2022
£
£


Other debtors
523,637
547,195

Called up share capital not paid
499,900
499,900

Prepayments and accrued income
-
44,302

1,023,537
1,091,397



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,796
-

Taxation and social security
82,685
51,729

Other creditors
938,094
523,893

Accruals and deferred income
8,064
6,040

1,036,639
581,662



6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100

Page 4

 
MC PRIVATE FINANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.Share capital (continued)

Allotted, called up and unpaid



499,900 Ordinary shares of £1.00 each
499,900
499,900




 
Page 5