Mortgage First Ltd iXBRL

Company Registration Number: 14131989

Mortgage First Ltd

Unaudited Financial Statements

for the financial year ended 31 May 2025

Mortgage First Ltd

DIRECTOR AND OTHER INFORMATION


Director	Christopher Stewart


Company Registration Number	14131989


Registered Office and Business Address	77, Radley House
	10 Palmer road
	London
	England
	SW114FS
	England


Accountants	Quarter
	Chartered Accountants
	St.Annes House
	15 Church Street
	Cathedral Quarter
	Belfast
	BT1 1PG


Bankers	Metro Bank
	1 Southampton Row
	London
	WC1B 5HA
	United Kingdom

Mortgage First Ltd

CHARTERED ACCOUNTANTS REPORT

to the Director on the Compilation of the unaudited financial statements of Mortgage First Ltd

for the financial year ended 31 May 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 May 2025 as set out on pages to 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 director of Mortgage First Ltd, 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 Director 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 director 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 May 2025 your duty to ensure that Mortgage First 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 Ltd. You consider that Mortgage First 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 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.Annes House

15 Church Street

Cathedral Quarter

Belfast

BT1 1PG

1 April 2026

Mortgage First Ltd

Company Registration Number: 14131989

STATEMENT OF FINANCIAL POSITION

as at 31 May 2025

		2025	2024
	Notes	£	£

Non-Current Assets

Property, plant and equipment

21,663

25,039

─────────

Current Assets

Inventories

351,108

437,254

Receivables

91,090

292,811

Cash and cash equivalents

5,396

─────────

442,231

735,461

─────────

Payables: amounts falling due within one year

(648,645)

(666,245)

─────────

Net Current (Liabilities)/Assets

(206,414)

69,216

─────────

Total Assets less Current Liabilities

(184,751)

94,255

Payables:

amounts falling due after more than one year

(20,000)

(81,182)

Provisions for liabilities

(4,052)

(4,854)

─────────

Net (Liabilities)/Assets

(208,803)

8,219

═════════

Equity

Called up share capital

100

100

Retained earnings

(208,903)

8,119

─────────

Equity attributable to owners of the company

(208,803)

8,219

═════════

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 Director's Report.

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

The director confirms 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 director acknowledges 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 Director and authorised for issue on 1 April 2026



Christopher Stewart
Director

Mortgage First Ltd

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 May 2025

General Information

Mortgage First Ltd is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 14131989. The registered office of the company is 77, Radley House, 10 Palmer road, London, England, SW114FS, England which is also the principal place of business of the company. 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 financial year ended 31 May 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

Revenue 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:

Long 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.

Inventories

Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

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.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

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

The company had net liabilities of £208,903 as at 31 May 2025. The company is reliant on the ongoing support of its director and connected companies.


4.	Employees

	The average monthly number of employees, including director, during the financial year was 7.

		2025	2024
		Number	Number

	Director	1	1
	Employee	6	10
		─────────	─────────
		7	11
		═════════	═════════


5.	Property, plant and equipment
		Long	Fixtures,	Total
		leasehold	fittings and
		property	equipment
		£	£	£
	Cost
	At 1 June 2024	19,157	12,088	31,245
		─────────	─────────	─────────

	At 31 May 2025	19,157	12,088	31,245
		─────────	─────────	─────────
	Depreciation
	At 1 June 2024	1,916	4,290	6,206
	Charge for the financial year	958	2,418	3,376
		─────────	─────────	─────────
	At 31 May 2025	2,874	6,708	9,582
		─────────	─────────	─────────
	Carrying amount
	At 31 May 2025	16,283	5,380	21,663
		═════════	═════════	═════════
	At 31 May 2024	17,241	7,798	25,039
		═════════	═════════	═════════


6.	Inventories	2025	2024
		£	£

	Work in progress	351,108	437,254
		═════════	═════════


7.	Receivables	2025	2024
		£	£

	Trade receivables	17,980	40,725
	Amounts owed by connected parties (Note 13)	53,610	233,586
	Other debtors	19,500	18,500
		─────────	─────────
		91,090	292,811
		═════════	═════════


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

	Other Loan	67,555	115,498
	Trade payables	40,586	24,862
	Amounts owed to connected parties (Note 13)	308,484	305,055
	Taxation (Note 10)	206,183	153,840
	Director's current account	946	50,604
	Other creditors	-	4,160
	Accruals:
	Pension accrual	19,391	11,226
	Other accruals	5,500	1,000
		─────────	─────────
		648,645	666,245
		═════════	═════════


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

	Other Loan	20,000	81,182
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 8)	67,555	115,498
	Repayable between one and two years	20,000	81,182
		─────────	─────────
		87,555	196,680
		═════════	═════════


10.	Taxation	2025	2024
		£	£

	Payables:
	Corporation tax	139	1,818
	PAYE / NI	206,044	152,022
		─────────	─────────
		206,183	153,840
		═════════	═════════

11.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Losses

Total

Total

allowances

2025

2024

At financial year start

4,853

4,854

2,700

Charged to profit and loss

(802)

(802)

2,154

─────────

At financial year end

4,051

4,052

4,854

═════════

12.

Capital commitments

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

13.

Related party transactions

Balance

Movement

Balance

Maximum

2025

in year

2024

in year

Commercial FS Limited

48,943

(167,842)

216,785

216,785

Mortgage First Newry Limited

4,667

4,654

4,667

Modern Life Cellar Taps Limited

(11,888)

11,888

11,888

MLIL Holdings Limited

(4,900)

4,900

4,900

─────────

═════════

53,610

(179,976)

233,586

═════════

The following amounts are due to other connected parties:

2025

2024

Mortgage First NI Limited

225,015

260,449

Stewart Ventures Limited

36,203

Modern Life Is Limited

66,459

8,403

Modern Life Cellar Taps Limited

17,010

─────────

308,484

305,055

═════════

Net balances with other connected parties:

2025

2024

Mortgage First NI Limited

(225,015)

(260,449)

Commercial FS Limited

48,943

216,785

Stewart Ventures Limited

(36,203)

Mortgage First Newry Limited

4,667

Modern Life Is Limited

(66,459)

(8,403)

Modern Life Cellar Taps Limited

(17,010)

11,888

MLIL Holdings Limited

4,900

─────────

(254,874)

(71,469)

═════════

Mortgage First NI Ltd

Mr Christopher Stewart is a director in Mortgage First NI Ltd and in Mortgage First Ltd. As on 01 June 2024 Mortgage First Ltd owed £260,449 to Mortgage First NI Ltd. During the period the net transactions between the entities amounted to £35,434. As on 31 May 2025 Mortgage First Ltd owed £225,015 to Mortgage First NI Ltd.

Commercial FS Limited

Mr Christopher Stewart is a director in both Mortgage First Ltd and Commercial FS Limited. As on 1st June 2024 Commercial FS Limited owed £216,785 to Mortgage First Ltd. During the period there was net movement of £167,842. As on 31st May 2025 Commercial FS Limited owed £48,943 to Mortgage First Ltd.

Stewart Ventures Limited

Mr Christopher Stewart is a director of Stewart Ventures Limited and Mortgage First Ltd. As on 01 June 2024 Stewart Ventures Limited owed £36,203 to Mortgage First Ltd. During the period there was net movement of £36,203. As on 31 May 2025 Mortgage First Ltd owed £nil to Stewart Ventures Limited.

Mortgage First Newry Limited

Mr Christopher Stewart is a director of Mortgage First Newry Limited and Mortgage First Ltd. As on 01 June 2024 Mortgage First Newry Ltd was owed £13 by Mortgage First Ltd. During the period there was net movement of £4,654. As on 31 May 2025 Mortgage First Newry Ltd was owed £4,667 by Mortgage First Ltd.

Modern Life Is Limited

As at 1 June 2024 Modern Life Is Limited was owed £8,403 by Mortgage First Ltd. During the period there was net movement of £58,056. As on 31 May 2025 Modern Life Is Limited was owed £66,459 by Mortgage First Ltd.

Modern Life Cellar Taps Limited

As a 1 June 2024 Modern Life Cellar Taps Ltd owed £11,888 to Mortgage First Ltd. During the period there was net movement of £28,898. As on 31 May 2025 Modern Life Cellar Taps Limited was owed £17,010 by Mortgage First Ltd.

MLIL Holdings Limited

As on 1 June 2024 MLIL Holdings Limited owed £4,900 to Mortgage First Ltd. During the period there was net movement of £4,900. As on 31 May 2025 Modern Life Cellar Taps Limited was owed £nil to Mortgage First Ltd.

14.

Director's advances, credits and guarantees

As at 1st June 2024 £50,604 was owed to the director by Mortgage First Ltd. During the financial year, net transactions between the director and the company totalled £49,658. As at 31st May 2025 £946 was owed to the director by Mortgage First Ltd. This loan is interest free and repayable on demand.

15.

Events After the End of the Reporting Period

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