Company Registration No. 03744756 (England and Wales)
THE MORTGAGE EXPLORER LIMITED
Unaudited accounts
for the year ended 30 April 2018
THE MORTGAGE EXPLORER LIMITED
Unaudited accounts
Contents
THE MORTGAGE EXPLORER LIMITED
Company Information
for the year ended 30 April 2018
Director
M F L D'Espagnac
Company Number
03744756 (England and Wales)
Registered Office
Suite 27-28 Royal Mail House
Terminus Terrace
Southampton
Hampshire
SO14 3FD
United Kingdom
Accountants
THE MILLIONS
Suite 27-28 Royal Mail House
Terminus Terrace
Southampton
Hampshire
SO14 3FD
THE MORTGAGE EXPLORER LIMITED
Statement of financial position
as at
30 April 2018
Tangible assets
1,767
1,730
Cash at bank and in hand
397
397
Creditors: amounts falling due within one year
(61,001)
(25,340)
Net current (liabilities)/assets
(60,604)
8,510
Net (liabilities)/assets
(58,837)
10,240
Called up share capital
8,000
8,000
Profit and loss account
(66,837)
2,240
Shareholders' funds
(58,837)
10,240
For the year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 September 2018.
M F L D'Espagnac
Director
Company Registration No. 03744756
THE MORTGAGE EXPLORER LIMITED
Notes to the Accounts
for the year ended 30 April 2018
THE MORTGAGE EXPLORER LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03744756. The registered office is Suite 27-28 Royal Mail House, Terminus Terrace, Southampton, Hampshire, SO14 3FD, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates on a reducing balance in order to write off the assets over their estimated useful lives:
The company operates a pension contribution as laid down under auto enrolment through NEST scheme for the benefit of its employees. Contributions payable are recognized in the profit and loss account when due.
At 30th April 2018 the Company balance sheet showed net liability of £58,837 However, the director believes that the company has got a sustainable business module and he is ready to put more funds in to the company and doesn't want to demand settlement of his directors loan account, so as to maintain a positive cash flow. As a result the going concern basis of accounting has been adopted.
THE MORTGAGE EXPLORER LIMITED
Notes to the Accounts
for the year ended 30 April 2018
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 May 2017
5,947
990
6,937
At 30 April 2018
5,947
1,468
7,415
At 1 May 2017
4,851
356
5,207
Charge for the year
219
222
441
At 30 April 2018
5,070
578
5,648
At 30 April 2018
877
890
1,767
At 30 April 2017
1,096
634
1,730
6
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
50,290
33,677
Trade creditors
-
(32,360)
Taxes and social security
3,401
23,984
Other creditors
8,654
(25)
Loans from directors
(1,344)
64
7
Share capital
2018
2017
Allotted, called up and fully paid:
80,000 Ordinary shares of £0.10 each
8,000
8,000
The company operates auto enrollment pension through NEST for its employees.
It also contributes £500 per month pension contribution to its Director Louise D'Espagnac
THE MORTGAGE EXPLORER LIMITED
Notes to the Accounts
for the year ended 30 April 2018
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Amount (payable) to/ Receivable from the Director with no conditions attached
(63)
7,407
6,000
1,344
10
Transactions with related parties
During the year, the company received a loan amounting to £6,000 from a member of key management personnel. The loan is to be repaid on 30th April 2018 and the rate of interest charged is 0%. At the balance sheet date, the loan balance of £1,344 was still outstanding and is presented within creditors: amounts falling due within one year.
The director and his wife hold 100% shares issued by the company and are the ultimate controlling parties.
12
Average number of employees
During the year the average number of employees was 5 (2017: 4).