Mortgage First NI Ltd iXBRL

Company Registration Number: NI636003

Mortgage First NI Ltd

Unaudited Financial Statements

for the financial year ended 31 January 2025

Mortgage First NI Ltd

DIRECTORS AND OTHER INFORMATION


Directors	David Stewart
	Christopher Stewart (Appointed 17 July 2025)


Company Registration Number	NI636003


Registered Office	11 Governors Gate
	Hillsborough
	Co Down
	BT26 6FE


Business Address	11 Governors Gate
	Hill
	Co Down
	BT26 6FE


Accountants	Quarter
	Chartered Accountants
	St Anne's House
	15 Church Street
	Cathedral Quarter
	Belfast
	BT1 1PG


Bankers	Bank of Ireland
	University Road
	Belfast
	BT7 1NH

Mortgage First NI Ltd

CHARTERED ACCOUNTANTS REPORT

to the Board of Directors on the Compilation of the unaudited financial statements of Mortgage First NI Ltd

for the financial year ended 31 January 2025

In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 January 2025 as set out on pages to 14 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the Board of Directors of Mortgage First NI Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this 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 its Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have acknowledged on the Statement of Financial Position for the year ended 31 January 2025 your duty to ensure that Mortgage First NI Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mortgage First NI Ltd. You consider that Mortgage First NI Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Mortgage First NI Ltd. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

__________________________________

QUARTER

Chartered Accountants

St Anne's House

15 Church Street

Cathedral Quarter

Belfast

BT1 1PG

31 October 2025

Mortgage First NI Ltd

Company Registration Number: NI636003

STATEMENT OF FINANCIAL POSITION

as at 31 January 2025

		2025	2024
	Notes	£	£

Non-Current Assets

Property, plant and equipment

6,359

8,317

─────────

Current Assets

Receivables

425,145

465,309

Payables: amounts falling due within one year

(644,557)

(622,212)

─────────

Net Current Liabilities

(219,412)

(156,903)

─────────

Total Assets less Current Liabilities

(213,053)

(148,586)

Payables:

amounts falling due after more than one year

(1)

Provisions for liabilities

(300)

(684)

─────────

Net Liabilities

(213,354)

(149,270)

═════════

Equity

Called up share capital

100

100

Retained earnings

(213,454)

(149,370)

─────────

Equity attributable to owners of the company

(213,354)

(149,270)

═════════

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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.

For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Board and authorised for issue on 31 October 2025 and signed on its behalf by




________________________________
Christopher Stewart
Director

Mortgage First NI Ltd

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 January 2025

General Information

Mortgage First NI Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI636003. The registered office of the company is 11 Governors Gate, Hillsborough, Co Down, BT26 6FE. The principle activity of this company is that of mortgage advisors The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the period ended 31 January 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Revenue

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Short leasehold property

5% Straight line

Fixtures, fittings and equipment

20% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Work in progress

Work in progress is reflected in the accounts at the expected revenue due for work carried out during the period that has not yet been invoiced.

Trade and other receivables

Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other payables

Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Going concern

At 31 January 2025 the balance sheet showed a deficiency of assets of £213,354. The company remains reliant upon the support of its director and connected parties.

Employees

The average monthly number of employees, including directors, during the financial year was 1, (2024 - 1).

2025

2024

Number

Number

Employees

═════════


5.	Property, plant and equipment
		Short	Fixtures,	Total
		leasehold	fittings and
		property	equipment
		£	£	£
	Cost
	At 1 February 2024	8,481	19,145	27,626
		─────────	─────────	─────────

	At 31 January 2025	8,481	19,145	27,626
		─────────	─────────	─────────
	Depreciation
	At 1 February 2024	2,897	16,412	19,309
	Charge for the financial year	424	1,534	1,958
		─────────	─────────	─────────
	At 31 January 2025	3,321	17,946	21,267
		─────────	─────────	─────────
	Carrying amount
	At 31 January 2025	5,160	1,199	6,359
		═════════	═════════	═════════
	At 31 January 2024	5,584	2,733	8,317
		═════════	═════════	═════════


6.	Receivables	2025	2024
		£	£

	Trade receivables	165,000	165,000
	Amounts owed by connected parties (Note 13)	258,972	280,350
	Taxation (Note 9)	1,173	19,959
		─────────	─────────
		425,145	465,309
		═════════	═════════


7.	Payables	2025	2024
	Amounts falling due within one year	£	£

	Bank overdrafts	25,002	25,399
	Other Loans	54,703	54,703
	Trade payables	22,294	37,798
	Amounts owed to connected parties (Note 13)	353,156	343,537
	Taxation (Note 9)	107,495	117,285
	Directors' current accounts	995	995
	Other creditors	77,312	37,725
	Accruals	3,600	4,770
		─────────	─────────
		644,557	622,212
		═════════	═════════


8.	Payables	2025	2024
	Amounts falling due after more than one year	£	£

	Other Loans	1	-
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 7)	79,705	80,102
	Repayable between one and two years	1	-
		─────────	─────────
		79,706	80,102
		═════════	═════════


9.	Taxation	2025	2024
		£	£

	Receivables:
	Corporation tax	1,173	19,959
		═════════	═════════
	Payables:
	PAYE / NI	107,495	117,285
		═════════	═════════

10.

Details of creditors

Security given in respect of creditors

The following securities have been lodged with Companies House in relation to the Company and Openwork Services Limited:

- Floating charge to cover all the property and undertaking of the company

- A negative pledge

11.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Total

Total

allowances

2025

2024

At financial year start

684

684

811

Charged to profit and loss

(384)

(384)

(127)

─────────

At financial year end

300

684

═════════

12.

Capital commitments

The company had no material capital commitments at the financial year-ended 31 January 2025.

13.

Related party transactions

Balance

Movement

Balance

Maximum

2025

in year

2024

in year

Mortgage First Newry Ltd

20,191

(41,947)

62,138

62,138

Mortgage First Ltd

238,781

20,569

218,212

238,781

─────────

═════════

258,972

(21,378)

280,350

═════════

The following amounts are due to other connected parties:

2025

2024

Commercial FS Ltd

345,256

335,637

Stewart Ventures Limited

7,900

7,900

─────────

353,156

343,537

═════════

Net balances with other connected parties:

2025

2024

Commercial FS Ltd

(345,256)

(335,637)

Mortgage First Newry Ltd

20,191

62,138

Stewart Ventures Limited

(7,900)

(7,900)

Mortgage First Ltd

238,781

218,212

─────────

(94,184)

(63,187)

═════════

Commercial FS Limited

Mr Christopher Stewart is a director in Mortgage First NI Ltd and Commercial FS Limited, As at 1 February 2024 Commercial FS Limited was owed £335,637 by Mortgage First NI Ltd. During the period there was net movement of £9,619. As at 31 January 2025 Commercial FS Limited was owed £345,256 by Mortgage First NI Ltd.

Mortgage First Ltd

Mr Christopher Stewart is a director of Mortgage First NI Ltd and of Mortgage First Ltd. As at 1 February 2024 Mortgage First Limited owed £218,212 to Mortgage First NI Limited. During the period the net transactions between the entities amounted to £20,569. As at 31 January 2025 Mortgage First Limited owed £238,781 to Mortgage First NI Limited.

Stewart Ventures Limited

Mr Christopher Stewart is a director of Mortgage First NI Ltd and of Stewart Ventures Limited. As at 1 February 2024 Stewart Ventures Limited was owed £ 7,900 by Mortgage First NI Ltd. During the period there was net movement of £nil. As at 31 January 2025 Stewart Ventures Limited was owed £ 7,900 by Mortgage First NI Ltd.

Mortgage First Newry Limited

Mr Christopher Stewart is a director of Mortgage First NI Ltd and of Mortgage First Newry Limited. As at 1 February 2024 Mortgage First Newry Limited owed £62,138 to Mortgage First NI Ltd. During the period there was net movement of £41,947. As at 31 January 2025 Mortgage First Newry Limited owed £20,191 to Mortgage First NI Ltd.

14.

Events After the End of the Reporting Period

There have been no significant events affecting the company since the financial year-end.