ACCOUNTS - Final Accounts

THE MORTGAGE STORE (T.M.S) LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-10-312021-10-31No description of principal activity2020-11-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.0false0falsetrue 04724865 2020-11-01 2021-10-31 04724865 2019-11-01 2020-10-31 04724865 2021-10-31 04724865 2020-10-31 04724865 c:Director1 2020-11-01 2021-10-31 04724865 d:PlantMachinery 2020-11-01 2021-10-31 04724865 d:PlantMachinery 2021-10-31 04724865 d:PlantMachinery 2020-10-31 04724865 d:PlantMachinery d:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 04724865 d:FurnitureFittings 2020-11-01 2021-10-31 04724865 d:FurnitureFittings 2021-10-31 04724865 d:FurnitureFittings 2020-10-31 04724865 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 04724865 d:OfficeEquipment 2020-11-01 2021-10-31 04724865 d:OfficeEquipment 2021-10-31 04724865 d:OfficeEquipment 2020-10-31 04724865 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 04724865 d:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 04724865 d:CurrentFinancialInstruments 2021-10-31 04724865 d:CurrentFinancialInstruments 2020-10-31 04724865 d:Non-currentFinancialInstruments 2021-10-31 04724865 d:Non-currentFinancialInstruments 2020-10-31 04724865 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 04724865 d:CurrentFinancialInstruments d:WithinOneYear 2020-10-31 04724865 d:ShareCapital 2021-10-31 04724865 d:ShareCapital 2020-10-31 04724865 d:RetainedEarningsAccumulatedLosses 2021-10-31 04724865 d:RetainedEarningsAccumulatedLosses 2020-10-31 04724865 c:FRS102 2020-11-01 2021-10-31 04724865 c:AuditExempt-NoAccountantsReport 2020-11-01 2021-10-31 04724865 c:FullAccounts 2020-11-01 2021-10-31 04724865 c:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 iso4217:GBP xbrli:pure

Registered number: 04724865

THE MORTGAGE STORE (T.M.S) LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2021

THE MORTGAGE STORE (T.M.S) LIMITED

REGISTERED NUMBER: 04724865

BALANCE SHEET

AS AT 31 OCTOBER 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	3		85,329		89,595
			85,329		89,595
Current assets
Debtors	4	25,901		69,975
Cash at bank and in hand	5	269,720		157,091
		295,621		227,066
Creditors: amounts falling due within one year	6	(219,775)		(213,045)
Net current assets			75,846		14,021
Total assets less current liabilities			161,175		103,616

Net assets			161,175		103,616

Capital and reserves
Called up share capital	100	100
Profit and loss account	161,075	103,516
	161,175	103,616

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2022.

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THE MORTGAGE STORE (T.M.S) LIMITED

REGISTERED NUMBER: 04724865

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2021

J Deane

Director

The notes on pages 3 to 6 form part of these financial statements.

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THE MORTGAGE STORE (T.M.S) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

1.	General information

The Mortgage Store (T.M.S) Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number 04724865. THe registered office is 23A St Peters Street, St Albans, Hertfordshire, AL1 3DP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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THE MORTGAGE STORE (T.M.S) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery	-	10 Year Straight Line
Fixtures & fittings	-	20% Reducing Balance
Office equipment	-	20% Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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THE MORTGAGE STORE (T.M.S) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Tangible fixed assets

	Plant & machinery	Fixtures & fittings	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 November 2020	76,350	11,100	118,303	205,753
Additions	2,964	-	10,114	13,078
At 31 October 2021	79,314	11,100	128,417	218,831
Depreciation
At 1 November 2020	28,096	9,507	78,555	116,158
Charge for the year on owned assets	8,136	319	8,890	17,345
At 31 October 2021	36,232	9,826	87,445	133,503
Net book value
At 31 October 2021	43,082	1,274	40,972	85,328
At 31 October 2020	48,254	1,593	39,748	89,595

Debtors

					2021	2020
					£	£

	Due after more than one year
	Trade debtors	25,901	69,975

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THE MORTGAGE STORE (T.M.S) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

4.Debtors (continued)

		25,901	69,975

		25,901	69,975

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	269,720	157,091
Less: bank overdrafts	(45,935)	(67,708)
	223,785	89,383

6.	Creditors:
		2021	2020
		£	£

Bank Loan	45,935	67,708
Corporation tax	124,463	104,168
Other taxation and social security	45,406	37,573
Other creditors	3,971	3,596
	219,775	213,045

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