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No description of principal activity
2021-04-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
09447172
2021-04-01
2022-03-31
09447172
2022-03-31
09447172
2021-03-31
09447172
2020-04-01
2021-03-31
09447172
2021-03-31
09447172
core:FurnitureFittings
2021-04-01
2022-03-31
09447172
bus:Director1
2021-04-01
2022-03-31
09447172
core:FurnitureFittings
2021-03-31
09447172
core:FurnitureFittings
2022-03-31
09447172
core:WithinOneYear
2022-03-31
09447172
core:WithinOneYear
2021-03-31
09447172
core:AfterOneYear
2022-03-31
09447172
core:AfterOneYear
2021-03-31
09447172
core:ShareCapital
2022-03-31
09447172
core:ShareCapital
2021-03-31
09447172
core:RetainedEarningsAccumulatedLosses
2022-03-31
09447172
core:RetainedEarningsAccumulatedLosses
2021-03-31
09447172
core:BetweenOneFiveYears
2022-03-31
09447172
core:BetweenOneFiveYears
2021-03-31
09447172
core:MoreThanFiveYears
2021-03-31
09447172
core:FurnitureFittings
2021-03-31
09447172
bus:SmallEntities
2021-04-01
2022-03-31
09447172
bus:AuditExemptWithAccountantsReport
2021-04-01
2022-03-31
09447172
bus:FullAccounts
2021-04-01
2022-03-31
09447172
bus:SmallCompaniesRegimeForAccounts
2021-04-01
2022-03-31
09447172
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
09447172
core:ComputerEquipment
2021-04-01
2022-03-31
09447172
core:ComputerEquipment
2021-03-31
09447172
core:ComputerEquipment
2022-03-31
COMPANY REGISTRATION NUMBER:
09447172
THE MORTGAGE STORE (IAN WILSON) LIMITED
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
THE MORTGAGE STORE (IAN WILSON) LIMITED
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 March 2022
FIXED ASSETS
Tangible assets
|
5
|
|
12,155
|
|
13,891
|
|
|
|
|
|
|
CURRENT ASSETS
Debtors
|
6
|
71,975
|
|
37,423
|
|
Cash at bank and in hand
|
125,900
|
|
102,036
|
|
|
---------
|
|
---------
|
|
|
197,875
|
|
139,459
|
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
7
|
59,621
|
|
20,992
|
|
|
---------
|
|
---------
|
|
NET CURRENT ASSETS
|
|
138,254
|
|
118,467
|
|
|
---------
|
|
---------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
150,409
|
|
132,358
|
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
8
|
|
34,037
|
|
50,000
|
|
|
|
|
|
|
PROVISIONS
|
|
2,076
|
|
2,324
|
|
|
---------
|
|
---------
|
NET ASSETS
|
|
114,296
|
|
80,034
|
|
|
---------
|
|
---------
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital fully paid
|
|
11
|
|
11
|
Profit and loss account
|
|
114,285
|
|
80,023
|
|
|
---------
|
|
--------
|
SHAREHOLDERS FUNDS
|
|
114,296
|
|
80,034
|
|
|
---------
|
|
--------
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
THE MORTGAGE STORE (IAN WILSON) LIMITED
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 March 2022
These financial statements were approved by the
board of directors
and authorised for issue on
11 May 2022
, and are signed on behalf of the board by:
Company registration number:
09447172
THE MORTGAGE STORE (IAN WILSON) LIMITED
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 MARCH 2022
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 64 Gold Street, Kettering, Northamptonshire, NN16 8JB.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Grants
Grants are credited to the statement of income as attributable to an accounting period.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion
Income 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Operating leases
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings
|
-
|
25% reducing balance
|
|
Computer equipment
|
-
|
33% straight line
|
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
3
(2021:
3
).
5.
TANGIBLE ASSETS
|
Fixtures and fittings
|
Computer equipment
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 April 2021
|
21,660
|
5,354
|
27,014
|
Additions
|
1,641
|
1,688
|
3,329
|
|
--------
|
-------
|
--------
|
At 31 March 2022
|
23,301
|
7,042
|
30,343
|
|
--------
|
-------
|
--------
|
Depreciation
|
|
|
|
At 1 April 2021
|
9,351
|
3,772
|
13,123
|
Charge for the year
|
3,487
|
1,578
|
5,065
|
|
--------
|
-------
|
--------
|
At 31 March 2022
|
12,838
|
5,350
|
18,188
|
|
--------
|
-------
|
--------
|
Carrying amount
|
|
|
|
At 31 March 2022
|
10,463
|
1,692
|
12,155
|
|
--------
|
-------
|
--------
|
At 31 March 2021
|
12,309
|
1,582
|
13,891
|
|
--------
|
-------
|
--------
|
|
|
|
|
6.
DEBTORS
|
2022
|
2021
|
|
£
|
£
|
Trade debtors
|
68,872
|
34,572
|
Other debtors
|
3,103
|
2,851
|
|
--------
|
--------
|
|
71,975
|
37,423
|
|
--------
|
--------
|
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2022
|
2021
|
|
£
|
£
|
Bank loans and overdrafts
|
9,658
|
–
|
Trade creditors
|
3,370
|
3,304
|
Corporation tax
|
17,728
|
6,611
|
Social security and other taxes
|
626
|
1,173
|
Other creditors
|
28,239
|
9,904
|
|
--------
|
--------
|
|
59,621
|
20,992
|
|
--------
|
--------
|
|
|
|
8.
CREDITORS:
amounts falling due after more than one year
|
2022
|
2021
|
|
£
|
£
|
Bank loans and overdrafts
|
34,037
|
50,000
|
|
--------
|
--------
|
|
|
|
9.
OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022
|
2021
|
|
£
|
£
|
Not later than 1 year
|
11,500
|
11,500
|
Later than 1 year and not later than 5 years
|
46,000
|
46,000
|
Later than 5 years
|
–
|
11,500
|
|
--------
|
--------
|
|
57,500
|
69,000
|
|
--------
|
--------
|
|
|
|
10.
RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The director has advanced monies to the company. At 31 March 2022 the amount due from the company was £20,255 (2021 £1,167). The loan is unsecured, interest free and repayable on demand.