Carnegie Mortgage And Protection Ltd
Carnegie Mortgage And Protection Ltd
Registered number: SC579214
Financial Statements
For The Year Ended
31 October 2023
NSB Chartered Certified Accountants
Carnegie Mortgage And Protection Ltd
Financial Statements
For The Year Ended
31 October 2023
Financial Statements
| Contents | |
| Page | |
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| Company Information | 1 |
| Statement of Financial Position | 2—3 |
| Notes to the Financial Statements | 4—7 |
Carnegie Mortgage And Protection Ltd
Company Information
For The Year Ended
31 October 2023
Company Information
| Directors |
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| Company Number |
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| Registered Office | Scotia House |
| 5 Dickson Street | |
| Dunfermline | |
| Fife | |
| KY12 7SL | |
| Accountants |
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| Bathgate | |
| West Lothian | |
| EH48 1NN | |
Carnegie Mortgage And Protection Ltd
Statement of Financial Position
As At
31 October 2023
Statement of Financial Position
Registered number:
SC579214
For the year ending 31 October 2023 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 20,434 | 33,934 | |||
Carnegie Mortgage And Protection Ltd
Statement of Financial Position (continued)
As At
31 October 2023
On behalf of the board
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Director
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The notes on pages 4 to 7 form part of these financial statements.
Carnegie Mortgage And Protection Ltd
Notes to the Financial Statements
For The Year Ended
31 October 2023
Notes to the Financial Statements
1.
General Information
Carnegie Mortgage And Protection Ltd
is a private Company, limited by shares, incorporated in Scotland: registration number
SC579214
. The registered office address is Scotia House, 5 Dickson Street, Dunfermline, Fife, KY12 7SL.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
2.2.
Significant judgements and estimations
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect is only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.3.
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Sale of goods
Turnover 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 turnover 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
Turnover 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 turnover 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.
Carnegie Mortgage And Protection Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2023
2.4.
Tangible Fixed Assets and Depreciation
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.
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 the income statement.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
| Motor Vehicles |
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| Computer Equipment |
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2.5.
Leasing and Hire Purchase Contracts
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the lease term.
Hire purchase contracts and finance leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
2.6.
Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.7.
Taxation
Current taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred taxation
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
- the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Carnegie Mortgage And Protection Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2023
2.8.
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 the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
3.
Average Number of Employees
The average number of employees, including directors, during the year was as follows: 2 (2022: 2)
4.
Tangible Assets
| Motor Vehicles | Computer Equipment | Total | |
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| Net Book Value | |||
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5.
Debtors
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| Due within one year | |||
| Other debtors |
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6.
Creditors: Amounts Falling Due Within One Year
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| Net obligations under finance lease and hire purchase contracts |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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The "net obligations under finance lease and hire purchase contracts" of £8,000 (2022 - £8,000) is secured over the assets which they relate to.
Carnegie Mortgage And Protection Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2023
7.
Creditors: Amounts Falling Due After More Than One Year
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| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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The "net obligations under finance lease and hire purchase contracts" of £21,886 (2022 - £28,682) is secured over the assets which they relate to.
9.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
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| Not later than one year |
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