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Registered number: 04085458
Mortgage Force Limited (Voluntary Arrangement)
Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 04085458
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 80,242 112,074
Tangible Assets 5 872 77
81,114 112,151
CURRENT ASSETS
Debtors 6 1,250,516 1,075,501
Cash at bank and in hand 1,269 880
1,251,785 1,076,381
Creditors: Amounts Falling Due Within One Year 7 (2,179,860 ) (1,953,844 )
NET CURRENT ASSETS (LIABILITIES) (928,075 ) (877,463 )
TOTAL ASSETS LESS CURRENT LIABILITIES (846,961 ) (765,312 )
Creditors: Amounts Falling Due After More Than One Year 8 (33,620 ) (47,989 )
NET LIABILITIES (880,581 ) (813,301 )
CAPITAL AND RESERVES
Called up share capital 9 100,000 100,000
Income Statement (980,581 ) (913,301 )
SHAREHOLDERS' FUNDS (880,581) (813,301)
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Kevin Duffy
Director
11/06/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Mortgage Force Limited (Voluntary Arrangement) is a private company, limited by shares, incorporated in England & Wales, registered number 04085458 . The registered office is Chestnut House, 65a Friar Gate, Derby, DE1 1DJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. On 4 August 2023 , the company entered into a Company Voluntary Arrangement (CVA) with its creditors. The CVA allows the company to restructure its debts and continue trading while repaying creditors over an agreed period.
The director has prepared cash flow forecasts and projections for a period of at least 12 months from the date of approval of these financial statements. These forecasts indicate that the company will be able to meet its obligations as they fall due, provided that the terms of the CVA are adhered to and that trading performance remains in line with expectations.
However, the CVA represents a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The company’s ability to continue operations is dependent on:
Continued support from creditors under the CVA; Achieving forecast trading performance; Maintaining adequate cash flows and working capital. If the company is unable to meet the terms of the CVA or if trading performance deteriorates significantly, it may be unable to continue in operational existence. These financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 7 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% straight line
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 15)
6 15
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 222,820
As at 30 September 2024 222,820
Amortisation
As at 1 October 2023 110,746
Provided during the period 31,832
As at 30 September 2024 142,578
Net Book Value
As at 30 September 2024 80,242
As at 1 October 2023 112,074
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 October 2023 125,398
Additions 826
As at 30 September 2024 126,224
Depreciation
As at 1 October 2023 125,321
Provided during the period 31
As at 30 September 2024 125,352
Net Book Value
As at 30 September 2024 872
As at 1 October 2023 77
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 176,576 81,366
Other debtors 1,073,940 994,135
1,250,516 1,075,501
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 174,541 364,833
Bank loans and overdrafts 54,239 57,250
Other creditors 1,834,928 1,404,449
Taxation and social security 116,152 127,312
2,179,860 1,953,844
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 33,620 47,989
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100,000 100,000
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Mr Kevin Duffy 709,056 143,542 (63,911 ) - 788,687
The above loan is unsecured and repayable on demand.
11. Related Party Transactions
Included in other creditors is an amount of £1,820,362 (2023: £1,296,370) owed to Mortgage Force UK Limited, a company in which the director is also a shareholder. Included within other debtors is an amount of £13,412 (2023: £9,311) owed by MF Marketing Limited a company in which the director is also a shareholder.
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