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Registered number:
UNAUDITED
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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LANCE MORTGAGES LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LANCE MORTGAGES LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024
Chartered Certified Accountants & Statutory Auditors
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LANCE MORTGAGES LIMITED
REGISTERED NUMBER: 13515245
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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LANCE MORTGAGES LIMITED
REGISTERED NUMBER: 13515245
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The notes on pages 4 to 8 form part of these financial statements.
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LANCE MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Lance Mortgages Limited is a private company limited by shares, incorporated in England and Wales. The Company’s registration number is 13515245.
The registered office address is: Fair Trade House, 3 Whittle Avenue, Fareham, United Kingdom, PO15 5SH. The principal activity of the company is mortgage intermediation to the retail market.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The following principal accounting policies have been applied:
The company meets its day-to-day working capital requirements through close management of its cash flows.
As at the date of approval of these accounts the business has sufficient cash, net current assets and financing facility to cover its fixed costs for the foreseeable future.
The directors are satisfied that at the date of approval of financial statements, the company has sufficient resources to continue as a going concern and there are no material uncertainties that would cast doubt over the ability of the company to continue as a going concern for at least one year from the date of approval.
The directors, having considered this and the financial position of the company, have a reasonable expectation that the company will continue in operational existence and thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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LANCE MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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LANCE MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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LANCE MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.
Financial liabilities within the scope of IAS 39 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs. Subsequently, the measurement of financial liabilities depends on their classification as follows: Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.
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LANCE MORTGAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 £2,955 (2023: £1,277). Contributions totalling £794 (2023: £796) were payable to the fund at the reporting date and are included in creditors.
The company is exempt from the requirement to have its financial statements audited under section 479A of the Companies Act 2006, as it is a subsidiary undertaking for which its parent undertaking, Lance Consolidation Limited, has given a guarantee under section 479C of the Companies Act 2006 in respect of all outstanding liabilities at the end of the financial year.
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