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Registered number: 08503153









YOUR MORTGAGE PEOPLE LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
COMPANY INFORMATION


Directors
Scott James Harris 
Fiona Avril Young 
Graham Downes 
Amba Marie Potter (appointed 1 April 2024)
Paul Hinton 




Registered number
08503153



Registered office
Fair Trade House, 3 Whittle Avenue

Fareham

England

PO15 5SH




Independent auditors
Accendo Consulting Ltd
Chartered Certified Accountants & Statutory Auditors

128 City Road

London

EC1V 2NX





 
YOUR MORTGAGE PEOPLE LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 3
Directors' Report
 
 
4 - 5
Independent Auditors' Report
 
 
6 - 9
Statement of Comprehensive Income
 
 
10
Statement of Financial Position
 
 
11
Statement of Changes in Equity
 
 
12 - 13
Statement of Cash Flows
 
 
14
Analysis of Net Debt
 
 
15
Notes to the Financial Statements
 
 
16 - 29


 
YOUR MORTGAGE PEOPLE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
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.

Business review
 
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.

Page 1

 
YOUR MORTGAGE PEOPLE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.

Other key performance indicators
 
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. 

Page 2

 
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.



................................................
Scott James Harris
Director

Date: 23 June 2025

Page 3

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006They 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.

Results and dividends

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

Directors

The directors who served during the year were:

Scott James Harris 
Fiona Avril Young 
Graham Downes 
Amba Marie Potter (appointed 1 April 2024)
Paul Hinton 

Future developments

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

Page 4

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Research and development activities

Research and Development activities consists of developing CRM software to deal with both mortgage and life
 clients.

Qualifying third party indemnity provisions



Matters covered in the Strategic Report

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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsAccendo Consulting Ltdwill 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.
 





................................................
Scott James Harris
Director

Date: 23 June 2025

Page 5

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YOUR MORTGAGE PEOPLE LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 6

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YOUR MORTGAGE PEOPLE LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YOUR MORTGAGE PEOPLE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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;
 
Page 8

 
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.


Use of our 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 2006Our 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.





R M Asif Rafique (Senior Statutory Auditor)
  
for and on behalf of
Accendo Consulting Ltd
 
Chartered Certified Accountants & Statutory Auditors
  

23 June 2025
Page 9

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,089,342
7,504,283

Gross profit
  
10,089,342
7,504,283

Selling & distribution costs
  
(1,605,001)
(1,426,101)

Administrative expenses
  
(6,273,470)
(5,250,425)

Operating profit
  
2,210,871
827,757

Interest receivable and similar income
 8 
14,821
12,196

Profit before tax
  
2,225,692
839,953

Tax on profit
 9 
(421,164)
(66,554)

Profit for the financial year
  
1,804,528
773,399

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 29 form part of these financial statements.

Page 10

 
YOUR MORTGAGE PEOPLE LIMITED
REGISTERED NUMBER: 08503153

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
3,360
4,298

  
3,360
4,298

Current assets
  

Debtors: amounts falling due within one year
 12 
6,387,218
6,415,058

Cash at bank and in hand
 13 
520,875
709,836

  
6,908,093
7,124,894

Creditors: amounts falling due within one year
 14 
(1,134,236)
(2,850,787)

Net current assets
  
 
 
5,773,857
 
 
4,274,107

Total assets less current liabilities
  
5,777,217
4,278,405

Provisions for liabilities
  

Deferred tax
 16 
(840)
(1,075)

Other provisions
 17 
(348,326)
(335,054)

  
 
 
(349,166)
 
 
(336,129)

Net assets
  
5,428,051
3,942,276


Capital and reserves
  

Called up share capital 
 18 
100
100

Profit and loss account
 19 
5,427,951
3,942,176

  
5,428,051
3,942,276


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Scott James Harris
Director

Date: 23 June 2025

The notes on pages 16 to 29 form part of these financial statements.

Page 11

 
YOUR MORTGAGE PEOPLE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
100
3,942,176
3,942,276


Comprehensive income for the year

Profit for the year

-
1,804,528
1,804,528


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,804,528
1,804,528


Contributions by and distributions to owners

Dividends: Equity capital
-
(318,753)
(318,753)


Total transactions with owners
-
(318,753)
(318,753)


At 31 December 2024
100
5,427,951
5,428,051


The notes on pages 16 to 29 form part of these financial statements.

Page 12

 
YOUR MORTGAGE PEOPLE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
3,906,020
3,906,120


Comprehensive income for the year

Profit for the year

-
773,399
773,399


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
773,399
773,399


Contributions by and distributions to owners

Dividends: Equity capital
-
(737,243)
(737,243)


Total transactions with owners
-
(737,243)
(737,243)


At 31 December 2023
100
3,942,176
3,942,276


The notes on pages 16 to 29 form part of these financial statements.

Page 13

 
YOUR MORTGAGE PEOPLE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,804,528
773,399

Adjustments for:

Depreciation of tangible assets
938
391

Interest received
(14,821)
(12,196)

Taxation charge
421,164
66,554

(Increase) in debtors
(54,434)
(57,550)

(Decrease) in creditors
(22,816)
(926,553)

(Decrease)/increase in amounts owed to groups
(2,024,481)
2,075,269

Increase/(decrease)) in amounts owed to associates
-
(1,500,000)

Increase/(decrease) in provisions
13,272
(26,518)

Corporation tax (paid)
(8,379)
(313,664)

Net cash generated from operating activities

114,971
79,132


Cash flows from investing activities

Purchase of tangible fixed assets
-
(4,689)

Interest received
14,821
12,196

Net cash from investing activities

14,821
7,507

Cash flows from financing activities

Dividends paid
(318,753)
(737,243)

Net cash used in financing activities
(318,753)
(737,243)

Net (decrease) in cash and cash equivalents
(188,961)
(650,604)

Cash and cash equivalents at beginning of year
709,836
1,360,440

Cash and cash equivalents at the end of year
520,875
709,836


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
520,875
709,836

520,875
709,836


The notes on pages 16 to 29 form part of these financial statements.

Page 14

 
YOUR MORTGAGE PEOPLE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

709,836

(188,961)

520,875

Debt due within 1 year

(18,490)

(1,909)

(20,399)


691,346
(190,870)
500,476

The notes on pages 16 to 29 form part of these financial statements.

Page 15

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

Page 16

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 17

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Office equipment
-
20%

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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

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
Page 19

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (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.

Page 20

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the Directors have made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
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.

Page 21

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Mortgage
7,154,079
4,745,027

Life
2,932,531
2,750,660

Recruitment
-
8,570

Miscellaneous
2,732
26

10,089,342
7,504,283


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
10,089,342
7,504,283

10,089,342
7,504,283



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
4,200
4,000

Page 22

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,632,184
4,166,045

Social security costs
467,000
371,641

Cost of defined contribution scheme
102,632
90,172

5,201,816
4,627,858


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Admin and management
135
140


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
180,142
179,167

Company contributions to defined contribution pension schemes
20,556
14,893

200,698
194,060


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
14,821
12,196

14,821
12,196

Page 23

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
421,399
65,479


421,399
65,479


Total current tax
421,399
65,479

Deferred tax


Origination and reversal of timing differences
(235)
1,075

Total deferred tax
(235)
1,075


421,164
66,554

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,225,692
839,953


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
556,423
197,557

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,504
-

Capital allowances for year in excess of depreciation
235
(1,011)

Short-term timing difference leading to an increase (decrease) in taxation
(235)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(74,176)
(94,831)

Group relief
(62,587)
(35,161)

Total tax charge for the year
421,164
66,554


Factors that may affect future tax charges

Page 24

 
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.


10.


Dividends

2024
2023
£
£


Dividends analysis - Ordinary A
-
548,296


Dividends analysis - Ordinary B
124,564
81,795


Dividends analysis - Ordinary C
64,042
35,606


Dividends analysis - Ordinary D
64,041
35,606


Dividends analysis - Ordinary E
18,297
11,973


Dividends analysis - Ordinary F
18,297
11,973


Dividends analysis - Ordinary G
18,297
-


Dividends analysis - Ordinary H
-
11,994


Dividends analysis - Ordinary I
11,215
-

318,753
737,243

Page 25

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2024
4,689



At 31 December 2024

4,689



Depreciation


At 1 January 2024
391


Charge for the year on owned assets
938



At 31 December 2024

1,329



Net book value



At 31 December 2024
3,360



At 31 December 2023
4,298


12.


Debtors

2024
2023
£
£


Trade debtors
88,005
47,999

Other debtors
2,331
101,222

Prepayments and accrued income
6,296,882
6,265,837

6,387,218
6,415,058



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
520,875
709,836

520,875
709,836


Page 26

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
159,653
181,313

Amounts owed to group undertakings
440,645
2,465,126

Corporation tax
330,746
-

Other taxation and social security
152,615
115,261

Other creditors
28,377
21,326

Accruals and deferred income
22,200
67,761

1,134,236
2,850,787



15.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
520,875
709,836




16.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,075)
-


Charged to profit or loss
235
(1,075)



At end of year
(840)
(1,075)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(840)
(1,075)

(840)
(1,075)

Page 27

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Provisions




Provision for policy cancellation

£





At 1 January 2024
335,054


Charged to profit or loss
13,272



At 31 December 2024
348,326

This is an estimated provision for life insurance policies cancellations. The provision is based on industry
 average cancellation rate. 


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



163 (2023 - 165) Ordinary A shares of £0.50 each
81.50
82.50
15 (2023 - 15) Ordinary B shares of £0.50 each
7.50
7.50
7 (2023 - 7) Ordinary C shares of £0.50 each
3.50
3.50
7 (2023 - 7) Ordinary D shares of £0.50 each
3.50
3.50
2 (2023 - 2) Ordinary E shares of £0.50 each
1.00
1.00
2 (2023 - 2) Ordinary F shares of £0.50 each
1.00
1.00
2 (2023 - 2) Ordinary H shares of £0.50 each
1.00
1.00
2 (2023 - ) Ordinary I shares of £0.50 each
1.00
-

100.00

100.00



19.


Reserves

Profit and loss account

This reserve includes all current retained profits and losses less amounts distributed to shareholders.


20.


Pension commitments

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.

Page 28

 
YOUR MORTGAGE PEOPLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Related party transactions

The Company is related to The Protection Specialist Limited (TPS), key management personnel from The Protection Specialist Limited have joint control of the Company.
During the year, the Company recharged costs of £8,440 to TPS. TPS charged costs of £200,024 to the Company. At the year end the Company owed £11,326 to TPS.
The Company owed Lance Consolidation Limited (parent company) £440,645 (2023: £2,465,126) at the 
balance sheet date. The loan is repayable on demand and there is no interest due.
During the year, the Company entered into the following transactions with related parties within the group:
The Company incurred cost recharges of £85,068 and management charges of £427,711 from Lance Consolidation Ltd (LCL).
The Company recharged costs of £31,021 to Lance Mortgages Ltd (LML). In turn, LML charged costs of £115,561 to the Company.
At the year end the Company had the following outstanding trade creditor balances at the balance sheet date between related parties within the same group.
Lance Consolidation Limited £91,218 (2023: £148,219).
360Ctrl Limited £Nil (2023: £24,373).
Lance Mortgages Limited £12,865 (2023: £6,864).


22.


Controlling party

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.

 
Page 29