Imatch Mortgages Limited - Period Ending 2023-10-31

Imatch Mortgages Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 5

Imatch Mortgages Limited

(Registration number: 04573674)
Balance Sheet as at 31 October 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	30,316	30,933
Current assets
Debtors	5	547,721	525,124
Cash at bank and in hand		993,414	990,592
		1,541,135	1,515,716
Creditors: Amounts falling due within one year	6	(39,295)	(44,912)
Net current assets		1,501,840	1,470,804
Net assets		1,532,156	1,501,737
Capital and reserves
Called up share capital	7	100	100
Retained earnings		1,532,056	1,501,637
Shareholders' funds		1,532,156	1,501,737

For the financial 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.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 May 2024 and signed on its behalf by:
 

......................................... M P Deakin Company secretary and director

Imatch Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
81a High Street
Teddington
TW11 8HG
England

These financial statements were authorised for issue by the Board on 29 May 2024.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Imatch Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2	Accounting policies (continued)

The current income 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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold Property	2% Straight Line
Furniture & Fittings	25% Straight Line
Computer Equipment	33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

Imatch Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 November 2022	29,368	7,010	21,254	57,632
Additions	-	-	2,482	2,482
At 31 October 2023	29,368	7,010	23,736	60,114
Depreciation
At 1 November 2022	914	6,905	18,880	26,699
Charge for the year	286	52	2,761	3,099
At 31 October 2023	1,200	6,957	21,641	29,798
Carrying amount
At 31 October 2023	28,168	53	2,095	30,316
At 31 October 2022	28,454	105	2,374	30,933

5

Debtors

Current	2023 £	2022 £
Trade debtors	14,147	16,354
Prepayments	8,466	8,662
Other debtors	525,108	500,108
	547,721	525,124

6

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Taxation and social security	31,754	37,371
Accruals and deferred income	7,541	7,541
	39,295	44,912

Imatch Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

7	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2023 £	2022 £
Not later than one year	16,000	16,000
Later than one year and not later than five years	12,000	28,000
	28,000	44,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £16,000 (2022 - £16,000).