Mortgage Search Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09796560 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

MORTGAGE SEARCH LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A C McGrath

Mrs L McGrath

REGISTERED OFFICE:

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

REGISTERED NUMBER:

09796560 (England and Wales)

ACCOUNTANTS:

Hanburys Limited

Chartered Certified Accountants

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

FIXED ASSETS

Tangible assets

4

1,482

1,178

CURRENT ASSETS

Debtors

5

1,722

1,259

Cash at bank and in hand

26,529

3,059

28,251

4,318

CREDITORS

Amounts falling due within one year

6

10,052

8,329

NET CURRENT ASSETS/(LIABILITIES)

18,199

(4,011

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,681

(2,833

)

CREDITORS

Amounts falling due after more than one year

7

(19,088

)

-

PROVISIONS FOR LIABILITIES

9

(274

)

(234

)

NET ASSETS/(LIABILITIES)

319

(3,067

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

219

(3,167

)

SHAREHOLDERS' FUNDS

319

(3,067

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 January 2021 and were signed on its behalf by:

Mr A C McGrath - Director

1.	STATUTORY INFORMATION

Mortgage Search Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis which assumes that the company will continue to

trade. The directors continue to adopt the going concern basis of accounting despite the current economic

impact as a result of COVID-19. The directors consider that the available reserves and the availability of

continued financial support will ensure the required working capital be in place for the company to continue

operations for the foreseeable future. If the company were unable to continue to trade adjustments would have

to be made to reduce the value of assets to their realisable amount, to reclassify fixed assets as current assets and

to provide for any further liabilities that may arise.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value

added taxes. Turnover includes revenue earned from the provision of services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

Government grants are recognised using the accrual model, when it is reasonable to expect that the grants will

be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Government grants which relate to revenue shall be recognised in income on a systematic basis over the periods

in which the entity recognises the related costs for which the grant is intended to compensate.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless

the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value

of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within

one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2019

770

1,417

2,187

Additions

216

614

830

At 30 September 2020

986

2,031

3,017

DEPRECIATION

At 1 October 2019

324

685

1,009

Charge for year

112

414

526

At 30 September 2020

436

1,099

1,535

NET BOOK VALUE

At 30 September 2020

550

932

1,482

At 30 September 2019

446

732

1,178

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Directors' current accounts

1,722

1,259

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade creditors

112

114

Taxation

9,256

7,531

Accruals

684

684

10,052

8,329

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans (see note 8)

19,088

-

8.

LOANS

An analysis of the maturity of loans is given below:

30.9.20

30.9.19

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

19,088

-

9.	PROVISIONS FOR LIABILITIES

30.9.20

30.9.19

£

£

Deferred tax

Accelerated capital allowances

274

234

Deferred

tax

£

Balance at 1 October 2019

234

Provided during year

40

Balance at 30 September 2020

274

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.20

30.9.19

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2020 and

30 September 2019:

30.9.20

30.9.19

£

£

Mr A C McGrath

Balance outstanding at start of year

1,259

-

Amounts advanced

1,723

1,259

Amounts repaid

(1,259

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,723

1,259