Company registration number 05752425 (England and Wales)
B2B LOANS & MORTGAGES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
B2B LOANS & MORTGAGES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
B2B LOANS & MORTGAGES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
87,257
Tangible assets
4
25,658
17,230
112,915
17,230
Current assets
Debtors
5
718,029
699,555
Cash at bank and in hand
742,212
806,235
1,460,241
1,505,790
Creditors: amounts falling due within one year
7
(319,413)
(313,517)
Net current assets
1,140,828
1,192,273
Total assets less current liabilities
1,253,743
1,209,503
Creditors: amounts falling due after more than one year
6
(40,014)
(92,395)
Net assets
1,213,729
1,117,108
Capital and reserves
Called up share capital
8
5,000
5,000
Profit and loss reserves
1,208,729
1,112,108
Total equity
1,213,729
1,117,108
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 21 March 2025
Mr D B M Drake
Director
Company Registration No. 05752425
B2B LOANS & MORTGAGES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
1
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
38
44
2
Accounting policies
Company information
B2B Loans & Mortgages Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9 Neptune Court, Vanguard Way, Cardiff, CF24 5PJ.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover from the arrangement of broker loans is recognised when it is probable that the company will receive the previously agreed upon payment. This criteria is considered to be met at the date of completion of the loan.
Run rate commission on loans are recognised when it is probable that the company will receive the agreed upon payment for loans performing well within terms.
2.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible assets comprise of internally developed computer software. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of xx years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
33% straight line
B2B LOANS & MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 3 -
2.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% straight line
Computers
33% straight line
Motor vehicles
40% straight line
2.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
B2B LOANS & MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 4 -
2.7
Retirement benefits
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 the profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
2.9
Dividends are recognised when they become legally payable. Interim and final dividends are recognised when approved by the shareholders.
3
Intangible fixed assets
Other
£
Cost
At 1 October 2023
Additions
130,886
At 30 September 2024
130,886
Amortisation and impairment
At 1 October 2023
Amortisation charged for the year
43,629
At 30 September 2024
43,629
Carrying amount
At 30 September 2024
87,257
At 30 September 2023
B2B LOANS & MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
34,229
174,253
31,883
240,365
Additions
9,138
14,237
23,375
At 30 September 2024
43,367
188,490
31,883
263,740
Depreciation and impairment
At 1 October 2023
34,229
169,168
19,738
223,135
Depreciation charged in the year
689
4,824
9,434
14,947
At 30 September 2024
34,918
173,992
29,172
238,082
Carrying amount
At 30 September 2024
8,449
14,498
2,711
25,658
At 30 September 2023
5,085
12,145
17,230
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
407
528
Amounts owed by group undertakings
514,910
516,732
Other debtors
200,064
175,731
715,381
692,991
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
2,648
6,564
Total debtors
718,029
699,555
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
40,014
92,395
B2B LOANS & MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
52,458
51,420
Trade creditors
38,882
50,095
Corporation tax
44,920
25,568
Other taxation and social security
48,086
44,717
Deferred income
3,170
995
Other creditors
9,113
11,482
Accruals and deferred income
122,784
129,240
319,413
313,517
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000
5,000
5,000
5,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
227,208
293,709
10
Directors' transactions
Advances or credits have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Closing balance
£
£
Director's loan
-
6,000
6,000
6,000
6,000
11
Parent company
The immediate and ultimate parent undertaking and controlling party is Specialist Mortgage Group Limited, a company incorporated in England and Wales. This is also the parent of the largest and smallest group in which the results of the company are consolidated. Copies of the group financial statements of Specialist Mortgage Group Limited are available from its registered office; Unit 9 Neptune Court, Vanguard Way, Cardiff, CF24 5PJ.
B2B LOANS & MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
12
Related party transactions
During the year, the company loaned money to Specialist Mortgage Group Limited, a business under common control. At the year end, an amount of £506,886 (2023 - £507,131) was due from the related party and is included in debtors; amounts falling due within one year.
During the year, the company loaned money to Chaseblue Loans Ltd. a business under common control. At the year end, an amount of £1,624 (2023 - £993) was due from the related party and is included in debtors; amounts falling due within one year.
During the year, the company loaned money to Savemoneycompare.com Ltd, a business under common control. At the year end, an amount of £6,399 (2023 - £8,608) was due from the related party and is included in debtors; amounts falling due within one year.