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Registration number: 08227348

Moreleigh Properties Limited

Annual Report and Unaudited Financial Statements Year Ended 31 March 2022

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Chartered Accountants

 

Moreleigh Properties Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Moreleigh Properties Limited

Company Information

Directors

Mr Jonathan Dimbleby

Mrs Jessica Bridget Dimbleby

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Moreleigh Properties Limitedfor the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Moreleigh Properties Limited for the year ended 31 March 2022 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Moreleigh Properties Limited, as a body, in accordance with the terms of our engagement letter dated 6 October 2020. Our work has been undertaken solely to prepare for your approval the accounts of Moreleigh Properties Limited and state those matters that we have agreed to state to the Board of Directors of Moreleigh Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Moreleigh Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Moreleigh Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Moreleigh Properties Limited. You consider that Moreleigh Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Moreleigh Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards & Keeping
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

12 September 2022

 

Moreleigh Properties Limited

(Registration number: 08227348)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Investment property

4

1,740,000

1,555,000

Current assets

 

Debtors

5

2,242

4,780

Cash at bank and in hand

 

40,425

43,116

 

42,667

47,896

Creditors: Amounts falling due within one year

6

(890,264)

(918,644)

Net current liabilities

 

(847,597)

(870,748)

Total assets less current liabilities

 

892,403

684,252

Provisions for liabilities

(127,979)

(73,299)

Net assets

 

764,424

610,953

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

431,630

312,486

Profit and loss account

332,694

298,367

Shareholders' funds

 

764,424

610,953

For the financial year ending 31 March 2022 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 September 2022 and signed on its behalf by:
 


Mr Jonathan Dimbleby
Director

   
     
 

Moreleigh Properties Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
England

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business.

Tax

The tax expense for the period comprises the sum of the tax currently payable and deferred 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.

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.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transactions that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity, Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to tax levied by the same tax authority.

 

Moreleigh Properties Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

The fair value gains have been transferred out of the profit and loss reserve to other reserves in order to distinguish it as non-distributable.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Moreleigh Properties Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

4

Investment properties

2022
£

At 1 April 2021

1,555,000

Additions

11,177

Fair value adjustments

173,823

At 31 March 2022

1,740,000

Investment property comprises five properties. The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market basis by reference to the market evidence of transaction prices for similar properties.

5

Debtors

2022
£

2021
£

Prepayments

147

2,685

Other debtors

2,095

2,095

2,242

4,780

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Taxation and social security

8,052

7,677

Accruals and deferred income

2,920

3,684

Other creditors

879,292

907,283

890,264

918,644

 

Moreleigh Properties Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

7

Deferred tax

2022
£

2021
£

At 1 April 2021

73,299

65,583

Movement in year

54,680

7,716

At 31 March 2022

127,979

73,299

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

 

100

100

100

100