General Information
Mortgage Warehouse Corporation Ltd is a private company, limited by shares, registered in England and Wales, registration number 05880535, registration address 124 City Road, London, England, EC1V 2NX.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover represents the value, net of value added tax and discounts, of fees receivable in respect of services provided to customers.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is prob-able that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
| Fixtures and Fittings |
25% Reducing Balance
|
| Computer Equipment |
33% Straight Line
|
|
| 2. |
Average number of employees
Average number of employees during the year was 7 (2023 : 6).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 January 2024 |
10,117 |
|
5,253 |
|
15,370 |
| Additions |
- |
|
385 |
|
385 |
| Disposals |
(10,117) |
|
- |
|
(10,117) |
| At 31 December 2024 |
- |
|
5,638 |
|
5,638 |
| Depreciation |
| At 01 January 2024 |
9,752 |
|
3,877 |
|
13,629 |
| Charge for year |
- |
|
1,033 |
|
1,033 |
| On disposals |
(9,752) |
|
- |
|
(9,752) |
| At 31 December 2024 |
- |
|
4,910 |
|
4,910 |
| Net book values |
| Closing balance as at 31 December 2024 |
- |
|
728 |
|
728 |
| Opening balance as at 01 January 2024 |
365 |
|
1,376 |
|
1,741 |
|
| 4. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Debtors |
5,005 |
|
15,281 |
| Prepayments & Accrued Income |
10,326 |
|
10,603 |
| Other Debtors |
7,106 |
|
13,984 |
|
22,437 |
|
39,868 |
|
| 5. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Bank Loans & Overdrafts |
10,799 |
|
11,230 |
| Taxation and Social Security |
11,436 |
|
21,592 |
| Other Creditors |
31,388 |
|
27,177 |
|
53,623 |
|
59,999 |
|
| 6. |
Creditors: amount falling due after more than one year
|
2024
£ |
|
2023
£ |
| Bank Loans & Overdrafts |
3,585 |
|
13,586 |
| Other Creditors |
30,169 |
|
35,928 |
|
33,754 |
|
49,514 |
|
| 7. |
Related party transactions
Creditors due within 1 year includes an interest free amount of £83 (2023 - £3,024) due to the directors. This loan is repayable on demand.
|
3
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