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COMPANY REGISTRATION NUMBER: 12256270
MORNINGSIDE REAL ESTATE 130BR LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2021
MORNINGSIDE REAL ESTATE 130BR LTD
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2021
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
MORNINGSIDE REAL ESTATE 130BR LTD
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr J Lovett
Mr S Macdonald
Accountants
BSG Valentine (UK) LLP
Chartered Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
MORNINGSIDE REAL ESTATE 130BR LTD
STATEMENT OF FINANCIAL POSITION
30 September 2021
2021
2020
Note
£
£
£
£
CURRENT ASSETS
Stocks
2,306,835
1,844,381
Debtors
4
55,000
175,922
Cash at bank and in hand
2,114
8
------------
------------
2,363,949
2,020,311
CREDITORS: amounts falling due within one year
5
( 367,235)
( 1,536,441)
------------
------------
NET CURRENT ASSETS
1,996,714
483,870
------------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,996,714
483,870
CREDITORS: amounts falling due after more than one year
6
( 1,679,688)
------------
---------
NET ASSETS
317,026
483,870
------------
---------
CAPITAL AND RESERVES
Called up share capital
196
196
Share premium account
499,904
499,904
Profit and loss account
( 183,074)
( 16,230)
---------
---------
SHAREHOLDERS FUNDS
317,026
483,870
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2021 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MORNINGSIDE REAL ESTATE 130BR LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2021
These financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , and are signed on behalf of the board by:
Mr J Lovett
Mr S Macdonald
Director
Director
Company registration number: 12256270
MORNINGSIDE REAL ESTATE 130BR LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2021
2020
£
£
Other debtors
55,000
175,922
--------
---------
5. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,000
Trade creditors
13,455
9,438
Amounts owed to group undertakings and undertakings in which the company has a participating interest
336,145
229,368
Other creditors
7,635
1,297,635
---------
------------
367,235
1,536,441
---------
------------
6. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
40,000
Other creditors
1,639,688
------------
----
1,679,688
------------
----