Market Street Mortgages Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04109541 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2022

for

Market Street Mortgages Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountant's Report

7

DIRECTORS:

B C Varley

S Varley

SECRETARY:

S Varley

REGISTERED OFFICE:

Fiddler's Rest

20 Park Road

Alrewas

Burton-upon-Trent

Staffordshire

DE13 7AG

REGISTERED NUMBER:

04109541 (England and Wales)

ACCOUNTANT:

Groucott Moor Limited

Lombard House

Cross Keys

Lichfield

Staffordshire

WS13 6DN

FIXED ASSETS

Tangible assets

4

244,008

556,402

CURRENT ASSETS

Debtors

5

1,200

1,200

Cash at bank and in hand

475,836

136,260

477,036

137,460

CREDITORS

Amounts falling due within one year

6

194,250

78,826

NET CURRENT ASSETS

282,786

58,634

TOTAL ASSETS LESS CURRENT LIABILITIES

526,794

615,036

CREDITORS

Amounts falling due after more than one year

7

-

307,796

NET ASSETS

526,794

307,240

CAPITAL AND RESERVES

Called up share capital

900

900

Retained earnings

525,894

306,340

SHAREHOLDERS' FUNDS

526,794

307,240

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2022 and were signed on its behalf by:

B C Varley - Director

1.	STATUTORY INFORMATION

Market Street Mortgages Limited 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold Properties - 1% reducing balance

Leasehold properties - Straight line over the life of the lease

Fixtures, fittings

and equipment - 33% on cost

Motor Vehicles - 20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Short

and

Motor

property

leasehold

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 September 2021

554,237

16,730

53,540

21,433

645,940

Additions

-

-

6,334

43,000

49,334

Disposals

(365,294

)

-

-

(21,433

)

(386,727

)

At 31 August 2022

188,943

16,730

59,874

43,000

308,547

DEPRECIATION

At 1 September 2021

32,147

-

48,818

8,573

89,538

Charge for year

4,361

-

3,169

2,501

10,031

Eliminated on disposal

(23,956

)

-

-

(11,074

)

(35,030

)

At 31 August 2022

12,552

-

51,987

-

64,539

NET BOOK VALUE

At 31 August 2022

176,391

16,730

7,887

43,000

244,008

At 31 August 2021

522,090

16,730

4,722

12,860

556,402

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Other debtors

1,200

1,200

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans and overdrafts

123,711

32,695

Trade creditors

(4

)

-

Tax

67,339

42,715

Social security and other taxes

683

369

Other creditors

1,171

1,598

Directors' current accounts

100

199

Accrued expenses

1,250

1,250

194,250

78,826

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans more than 5 years

-

307,796

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

-

307,796

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.22

31.8.21

£

£

Bank loans

123,711

340,491

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Market Street Mortgages Limited for the year ended 31 August 2022 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Market Street Mortgages Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Market Street Mortgages Limited and state those matters that I have agreed to state to the Board of Directors of Market Street Mortgages Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Market Street Mortgages Limited and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Market Street Mortgages Limited 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 profit of Market Street Mortgages Limited. You consider that Market Street Mortgages Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Market Street Mortgages Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

Groucott Moor Limited

Lombard House

Cross Keys

Lichfield

Staffordshire

WS13 6DN

18 October 2022