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Registered number: 10821229
MARKET MORTGAGE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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MARKET MORTGAGE LIMITED
REGISTERED NUMBER: 10821229
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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MARKET MORTGAGE LIMITED
REGISTERED NUMBER: 10821229
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 on 30 September 2025.
The notes on pages 3 to 7 form part of these financial statements.
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MARKET MORTGAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Market Mortgage Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 7 Bell Yard, London, WC2A 2JR.
The company operates the Own New Scheme, which enables UK home builders to subsidise mortgages for buyers of new build homes.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
The company has a loan of £663,128 which is repayable in November 2029. The company has a convertible loan note of £304,932 with the Future Fund, which will crystalise in January 2026. At the date of the approval of these financial statements, the company is in a net current asset position and as such the directors have prepared the accounts on a going concern basis.
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.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
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MARKET MORTGAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
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.
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Cash and cash equivalents
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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.
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.
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The average monthly number of employees, including directors, during the year was 5 (2023 - 5).
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MARKET MORTGAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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MARKET MORTGAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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£338,813 of the loan is repayable in full in January 2026. The remainder of the loans are repayable in full in 2029.
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Allotted, called up and fully paid
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5,000 (2023 - 5,000) Ordinary founder shares of £0.001 each
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129 (2023 - 129) Non voting ordinary shares of £0.001 each
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5,000 (2023 - Nil) Investor shares of £0.001 each
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Nil (2023 - 5,000) Ordinary capita shares of £0.001 each
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On 8 March 2024, the company repurchased and cancelled 354 Ordinary Middleton shares of £0.001 each.
On 11 July 2024, the 5,000 Ordinary Capita shares of £0.001 each were re-designated as 5,000 Investor shares of £0.001 each.
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Related party transactions
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At the year-end the company owed £50,000 (2023 - £Nil) to a director. The loan is interest-free and is included in other loans due in greater than 1 year.
At the year-end, the company owed £663,128 (2023 - £632,304) to a company related to a former shareholder. The repayment date on their outstanding loan notes has been extended subsequent to year end with the final date of repayment being in 2029. During the year, interest of £30,824 (2023 - £13,604) was charged on the loans.
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MARKET MORTGAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Mr E Darcy and Mr B E O'Neill have equal voting rights and share joint control of the company.
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