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COMPANY REGISTRATION NUMBER: 09447172
THE MORTGAGE STORE (IAN WILSON) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2025
THE MORTGAGE STORE (IAN WILSON) LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2025
2025
2024
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
7,232
7,150
CURRENT ASSETS
Debtors
6
51,881
56,063
Cash at bank and in hand
54,634
89,598
---------
---------
106,515
145,661
CREDITORS: amounts falling due within one year
7
20,809
31,593
---------
---------
NET CURRENT ASSETS
85,706
114,068
--------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
92,938
121,218
CREDITORS: amounts falling due after more than one year
8
4,071
14,228
PROVISIONS
1,308
1,582
--------
---------
NET ASSETS
87,559
105,408
--------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
11
11
Profit and loss account
87,548
105,397
--------
---------
SHAREHOLDERS FUNDS
87,559
105,408
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE MORTGAGE STORE (IAN WILSON) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 29 April 2025 , and are signed on behalf of the board by:
Mr I Wilson
Director
Company registration number: 09447172
THE MORTGAGE STORE (IAN WILSON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 MARCH 2025
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 30 Speight Crescent, Barton Seagrave, Kettering, Northamptonshire, NN15 6FL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 2 (2024: 2 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2024
25,240
7,564
32,804
Additions
3,000
3,000
--------
--------
--------
At 31 March 2025
25,240
10,564
35,804
--------
--------
--------
Depreciation
At 1 April 2024
18,264
7,390
25,654
Charge for the period
1,744
1,174
2,918
--------
--------
--------
At 31 March 2025
20,008
8,564
28,572
--------
--------
--------
Carrying amount
At 31 March 2025
5,232
2,000
7,232
--------
--------
--------
At 31 March 2024
6,976
174
7,150
--------
--------
--------
6. DEBTORS
2025
2024
£
£
Trade debtors
49,006
53,188
Other debtors
2,875
2,875
--------
--------
51,881
56,063
--------
--------
7. CREDITORS: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
9,904
9,904
Trade creditors
1,197
5,090
Corporation tax
2,248
9,420
Social security and other taxes
461
474
Other creditors
6,999
6,705
--------
--------
20,809
31,593
--------
--------
8. CREDITORS: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
4,071
14,228
-------
--------
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
11,500
11,500
Later than 1 year and not later than 5 years
11,500
23,000
--------
--------
23,000
34,500
--------
--------