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Registration number: 07309311

The Mortgage Company (1993) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

The Mortgage Company (1993) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

The Mortgage Company (1993) Ltd

Company Information

Director

Mr Jeremy Sui Wah Wong

Registered office

c/o Flexibility Professional Services (UK) Ltd
Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

Solicitors

Brewer Wallace
Shackles Chambers
7 Land of Green Ginger
Hull
East Yorkshire
HU1 2ED

Bankers

Lloyds Bank
Silver Street
Hull

Accountants

Flexibility Professional Services (UK) Ltd Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

The Mortgage Company (1993) Ltd

(Registration number: 07309311)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

588,299

1,041,660

Current assets

 

Debtors

5

55,260

1,660

Cash at bank and in hand

 

314,718

184,511

 

369,978

186,171

Creditors: Amounts falling due within one year

6

(6,251)

(88,974)

Net current assets

 

363,727

97,197

Total assets less current liabilities

 

952,026

1,138,857

Provisions for liabilities

(42,804)

(81,004)

Net assets

 

909,222

1,057,853

Capital and reserves

 

Called up share capital

7

325,000

325,000

Non-distributable reserve

146,310

309,430

Retained earnings

437,912

423,423

Shareholders' funds

 

909,222

1,057,853

For the financial year ending 31 July 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 June 2025
 

 

The Mortgage Company (1993) Ltd

(Registration number: 07309311)
Balance Sheet as at 31 July 2024

.........................................
Mr Jeremy Sui Wah Wong
Director

 

The Mortgage Company (1993) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Flexibility Professional Services (UK) Ltd
Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH
United Kingdom

These financial statements were authorised for issue by the director on 13 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Mortgage Company (1993) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Reducing balance basis at 25%

Motor vehicles

Reducing balance basis at 25%

Freehold property

Reducing balance basis at 10%

 

The Mortgage Company (1993) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRS102, as follows:

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the Non-distributable reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

The Mortgage Company (1993) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

The Mortgage Company (1993) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

997,080

2,927

71,508

1,071,515

Revaluations

(199,635)

-

-

(199,635)

Additions

1,000

462

-

1,462

Disposals

(245,365)

-

-

(245,365)

At 31 July 2024

553,080

3,389

71,508

627,977

Depreciation

At 1 August 2023

1,593

1,078

27,185

29,856

Charge for the year

429

528

8,865

9,822

At 31 July 2024

2,022

1,606

36,050

39,678

Carrying amount

At 31 July 2024

551,058

1,783

35,458

588,299

At 31 July 2023

995,487

1,850

44,323

1,041,660

Included within the net book value of land and buildings above is £551,058 (2023 - £995,487) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Prepayments

8,747

1,660

Other debtors

46,513

-

 

55,260

1,660

 

The Mortgage Company (1993) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

17,761

Taxation and social security

 

382

382

Accruals and deferred income

 

2,113

2,113

Other creditors

 

3,756

68,718

 

6,251

88,974

Creditors: amounts falling due after more than one year

2024
£

2023
£

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

325,000

325,000

325,000

325,000

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(163,120)

(163,120)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(93,236)

(93,236)

 

The Mortgage Company (1993) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets
2024
£

Total amount of revalued assets

547,200

Amount of revaluation brought forward

309,430

Amount of revaluation for the year

(163,120)

Total carrying amount of assets had they not been revalued

400,890

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

17,761

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

11,527

-

Later than one year and not later than five years

33,567

-

45,094

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,014 (2023 - £Nil).

11

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

At 31 July 2024
£

Mr Jeremy Sui Wah Wong

Directors Loan Account

(62,919)

62,955

36

 

The Mortgage Company (1993) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

Mr Jeremy Sui Wah Wong

Directors Loan Account

(132,919)

70,000

(62,919)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

6,950

12,570

Contributions paid to money purchase schemes

40,000

140,000

46,950

152,570