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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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YOUR MORTGAGE PEOPLE LIMITED
COMPANY INFORMATION
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YOUR MORTGAGE PEOPLE LIMITED
CONTENTS
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YOUR MORTGAGE PEOPLE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their strategic report for the year ended 31 December 2024 for Your Mortgage People Limited (“the Company”). Your Mortgage People Limited is the principal trading business of Lance Consolidation Limited (“the group”). The strategic report provides a review of the business and outlines the performance of the company during the financial year, highlight key developments and risks. It also considers key trends and factors that may affect future years.
The principal activity of the Company during the year continued to be mortgage intermediation to the retail market, alongside pure protection. The Directors have continued to orient the firm towards its intended objective of rapid growth and the acquisition of market share.
Future outlook The economic situation is much improved, with relatively stable interest rate movements and a partial calming of the cost of living crisis. The absence of negative stimuli has created an optimal business environment in which for the firm to grow and thrive.
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YOUR MORTGAGE PEOPLE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Strategic and commercial risk
There are risks of changes to the competitive environment. This risk is mitigated by robust competitor analysis and continued monitoring of the market as a whole. The potential for artificial intelligence to disrupt or improve the market is worthy of attention and the Company remains vigilant in this regard. Financial risk There is a risk of adverse impact on the Company’s financial position, which is mitigated by continued management to the business plan. The Company manages its cash flow against risk appetite and notes the risk of over-investment in growth. Operational Risk There is a risk of loss, corruption, theft or manipulation of data. There is a risk of failure of systems, software and/or hardware. The Company manages this risk through a robust information security strategy, extensive training to mitigate the risk of foreseeable harm, and recovery processes that ensure business continuity. Regulatory and legal risk There is a risk of Regulatory enforcement or sanctions that could reduce the Company’s ability to trade or damage its reputation. There is a risk of a poor culture damaging the Company’s ability to adhere to the letter and spirit of regulation. The Company manages this risk via a proactive, forward-looking approach to compliance headed up by the Operations Director. There is a detailed and thorough compliance monitoring programme and control framework that is deeply embedded into colleague culture. One primary focus within the business at present is centred around the Consumer Duty. Recognising the critical nature of this guidance, we have dedicated substantial time and expertise to implementing robust measures and controls. These efforts are specifically aimed at ensuring our adherence to the Financial Conduct Authority (FCA) guidelines, which emphasise delivering good outcomes for consumers. Other notable Regulatory risk comes from the FCA Second Charge Review and Pure Protection Market Study, which we are watching carefully. We do not believe either piece of guidance will meaningfully disrupt/impact the operations of the firm.
The Company’s turnover increased by 34% from £7,504,283 in 2023 to £10,089,342 this year. The operating profit before tax increased by 167% from £827,757 in 2023 to £2,210,871 in 2024.
The Company has chosen not to disclose any non-financial key performance indicators, as it feels they are not
material in undestanding performance of the Company.
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YOUR MORTGAGE PEOPLE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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YOUR MORTGAGE PEOPLE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,804,528 (2023 - £773,399).
Dividends of £318,753 (2023: £737,241) were paid during the year
The directors who served during the year were:
The economic situation is improving with notable reductions in consumer inflation, swop rates and fixed
mortgage rates. Consumer spending is stable, and the damage of the 2022 mini budget has proven transient. The next financial year is expected to be one where the company consolidates it's position as a growing force within the mortgage broking market and continues it's growth story
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YOUR MORTGAGE PEOPLE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Research and Development activities consists of developing CRM software to deal with both mortgage and life
clients.
As permitted by section 414C of the Companies Act 2006, certain information required to be included in the Directors’ Report has been included in the Strategic Report.
There have been no significant events affecting the Company since the year end.
The auditors, Accendo Consulting Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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YOUR MORTGAGE PEOPLE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YOUR MORTGAGE PEOPLE LIMITED
We have audited the financial statements of Your Mortgage People Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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YOUR MORTGAGE PEOPLE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YOUR MORTGAGE PEOPLE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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YOUR MORTGAGE PEOPLE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YOUR MORTGAGE PEOPLE LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following: • The nature of the industry and sector, control environment and business performance including the design of the Company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; • results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the Company’s policies and procedures; • the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material fine or penalty. Audit response to risks identified As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following: • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • enquiring of management, concerning actual and potential litigation and claims;
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YOUR MORTGAGE PEOPLE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YOUR MORTGAGE PEOPLE LIMITED (CONTINUED)
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • reading minutes of meetings of those charged with governance; • obtaining an understanding of provisions and discussing with management to understand the basis of recognition or non-recognition of tax provisions; and • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Certified Accountants & Statutory Auditors
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YOUR MORTGAGE PEOPLE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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YOUR MORTGAGE PEOPLE LIMITED
REGISTERED NUMBER: 08503153
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 29 form part of these financial statements.
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YOUR MORTGAGE PEOPLE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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YOUR MORTGAGE PEOPLE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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YOUR MORTGAGE PEOPLE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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YOUR MORTGAGE PEOPLE LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Your Mortgage People Limited is a private company limited by shares, incorporated and in England and Wales under registration number 08503153. The company’s registered office which is also the principal place of business is:
Fair Trade House, 3 Whittle Avenue, Fareham, England, PO15 5SH. The company's principal activity is mortgage intermediation to the retail market. The company also provides pure protection products, primarily in the form of life assurance policies.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.
The Directors have considered the company’s financial performance, position and prospects and are confident that the going concern basis of preparation is appropriate for the following reasons: • The company continues to report strong and stable revenue, profitability, and cash reserves. • Net current assets at the reporting date total £5.7 million, with significant retained earnings. • The company has access to additional funding facilities should market conditions deteriorate. • Macroeconomic indicators, including interest and swap rates, are trending positively, supporting a favourable trading environment. • Despite recent economic challenges, the company has increased its market share and is well positioned to benefit from further growth. • The company benefits from a solid lead supply, acting as the FCA Principal for its two main introducers. • The customer base has expanded substantially, creating an opportunity to grow recurring income through renewals as customers approach the end of their fixed-rate terms. On this basis, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, therefore, consider the going concern basis to be appropriate.
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Judgements in applying accounting policies There are no significant judgements, apart from those involving estimations, that the Directors have made in the process of applying the company’s accounting policies that have had a material effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty The key source of estimation uncertainty at the balance sheet date, that has a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, is as follows: Provision for cancellation of life assurance policies The company earns commission on life assurance policies, which may be subject to clawback by insurers if policies are cancelled within a specified period. A provision is recognised to reflect the expected value of future clawbacks based on historical cancellation trends and the terms of commission agreements. The level of provision is reviewed regularly, with estimates updated based on the latest available data. Management exercises judgement in determining an appropriate cancellation rate, which may be influenced by market conditions, product types, customer behaviour, and the age profile of policies written.
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
There were no factors that may affect future tax charges.
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £102,632 (2023: £99,601). Contributions totalling £20,399 (2023: £18,490) were payable to the fund at the reporting date and are included in creditors.
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YOUR MORTGAGE PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is a subsidiary of Lance Consolidation Limited, a company incorporated in England and Wales. The parent company's registered office address is: Fair Trade House, 3 Whittle Avenue, Fareham, PO15 5SH. The parent company prepares consolidated financial statements which are available at the parent company's registered office address.
The ultimate controlling party is Mark Lance, who holds 100% of the issued share capital of Lance Consolidation Limited.
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