1 April 2024 v2025.83.1 limited_company_frs_102_section_1a_v1_1_3 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP079926882024-04-012025-03-31079926882025-03-31079926882024-03-3107992688core:WithinOneYear2025-03-3107992688core:WithinOneYear2024-03-3107992688core:AfterOneYear2025-03-3107992688core:AfterOneYear2024-03-3107992688core:ShareCapital2025-03-3107992688core:ShareCapital2024-03-3107992688core:RetainedEarningsAccumulatedLosses2025-03-3107992688core:RetainedEarningsAccumulatedLosses2024-03-3107992688bus:Director12024-04-012025-03-3107992688bus:RegisteredOffice2024-04-012025-03-3107992688core:PlantMachinery2024-04-012025-03-31079926882023-04-012024-03-3107992688core:PlantMachinery2024-04-0107992688core:PlantMachinery2025-03-3107992688core:PlantMachinery2024-03-3107992688core:CostValuation2024-04-0107992688core:CostValuation2025-03-3107992688core:BetweenOneFiveYears2025-03-3107992688core:BetweenOneFiveYears2024-03-310799268812024-04-012025-03-3107992688countries:EnglandWales2024-04-012025-03-3107992688bus:AuditExempt-NoAccountantsReport2024-04-012025-03-3107992688bus:PrivateLimitedCompanyLtd2024-04-012025-03-3107992688bus:SmallEntities2024-04-012025-03-3107992688bus:FullAccounts2024-04-012025-03-31
Company registration number:
07992688
Affinity Mortgages Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2025
Affinity Mortgages Limited
Statement of Financial Position
31 March 2025
20252024
Note££
Fixed assets    
Tangible assets 5
65,459
 
121,999
 
Investments 6
1,056
 
1,056
 
66,515
 
123,055
 
Current assets    
Debtors 7
375,170
 
387,100
 
Cash at bank and in hand
4,914
 
4,273
 
380,084
 
391,373
 
Creditors: amounts falling due within one year 8
(362,860
 )
(354,200
 )
Net current assets
17,224
 
37,173
 
Total assets less current liabilities 83,739   160,228  
Creditors: amounts falling due after more than one year 9
(4,694
 )
(69,285
 )
Provisions for liabilities
(15,502
 )
(25,854
 )
Net assets
63,543
 
65,089
 
Capital and reserves    
Called up share capital
2,000
 
500
 
Profit and loss account
61,543
 
64,589
 
Shareholders funds
63,543
 
65,089
 
For the year ending
31 March 2025
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
23 December 2025
, and are signed on behalf of the board by:
J Lewis
Director
Company registration number:
07992688
Affinity Mortgages Limited
Notes to the Financial Statements
Year ended
31 March 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
539-543 London Road
,
Westcliff On Sea
,
Essex
,
SS0 9LJ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
20%/33% straight line and 15% reducing balance

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was
12
(2024:
13.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2024
271,743
 
Additions
4,063
 
Disposals
(98,620
 )
At
31 March 2025
177,186
 
Depreciation  
At
1 April 2024
149,744
 
Charge
14,580
 
Disposals
(52,597
 )
At
31 March 2025
111,727
 
Carrying amount  
At
31 March 2025
65,459
 
At 31 March 2024
121,999
 

6 Investments

Shares in group undertakings and participating interestsOther investments other than loansTotal
£££
Cost      
At
1 April 2024
50
 
1,006
 
1,056
 
At
31 March 2025
50
 
1,006
 
1,056
 
Impairment      
At
1 April 2024
and
31 March 2025
 -   -   -  
Carrying amount      
At
31 March 2025
50
 
1,006
 
1,056
 
At 31 March 2024
50
 
1,006
 
1,056
 

7 Debtors

20252024
££
Trade debtors
278,635
 
209,391
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
65,323
 
65,323
 
Other debtors
31,212
 
112,386
 
375,170
 
387,100
 

8 Creditors: amounts falling due within one year

20252024
££
Bank loans and overdrafts
48,658
 
31,605
 
Trade creditors
160,151
 
152,087
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,888
  -  
Taxation and social security
116,757
 
121,273
 
Other creditors
34,406
 
49,235
 
362,860
 
354,200
 

9 Creditors: amounts falling due after more than one year

20252024
££
Bank loans and overdrafts
4,694
 
24,850
 
Other creditors -  
44,435
 
4,694
 
69,285
 

10 Operating leases

The company as lessee    
20252024
££
Not later than 1 year
15,248
 
22,913
 
Later than 1 year and not later than 5 years
11,436
 
26,688
 
26,684
 
49,601
 

11 Director's advances, credit and guarantees

During the year the director loaned the company a net total of £101,725, leaving a year end balance owing to the director of £10,266 (2024: £91,459 owed by the director).